Sterling Bank Abolishes Account Maintenance Fees

Sterling Bank has announced the complete removal of Account Maintenance Fees (AMF) on all personal accounts of its customers. Account maintenance charges have long been a major revenue stream for Nigerian banks. In 2024, tier-one institutions collectively generated over ₦650 billion from such deductions, alongside e-banking fees. But in a statement on Wednesday, Abubakar Suleiman, […]

Sterling Bank has announced the complete removal of Account Maintenance Fees (AMF) on all personal accounts of its customers.

Account maintenance charges have long been a major revenue stream for Nigerian banks.
In 2024, tier-one institutions collectively generated over ₦650 billion from such deductions, alongside e-banking fees.
But in a statement on Wednesday, Abubakar Suleiman, Managing Director of Sterling Bank, explained the rationale behind the move.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees.”
Echoing this stance, Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling, noted that the decision reflects the bank’s long-term strategy.
“This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that benefits both our customers and Sterling’s
By removing fees that gradually erode account balances, Sterling says it is empowering customers to keep and grow their wealth.
This comes just months after the bank eliminated transfer fees on local online transactions in April 2025.