Sterling Bank scraps account maintenance fees<\/p>\n
Sterling Bank has announced the removal of account maintenance fees on all personal accounts, a move it described as a \u201cgift\u201d to Nigerians as the country marked its 65th Independence Day on Wednesday.<\/p>\n
\u200eThe announcement, which coincided with Nigeria\u2019s 65th Independence Day, comes barely six months after the lender scrapped transfer fees on local online transactions.<\/p>\n
\u200eThis was contained in a press statement by the company made available to PUNCH Online on Wednesday.<\/p>\n
\u200eThe statement read, \u201cJust months after abolishing transfer fees on local online transactions in April 2025, the bank has dismantled yet another long-standing industry practice, cementing its role as the nation\u2019s leading force for transparent, fair, and customer-focused banking.<\/p>\n
This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly.<\/p>\n
\u200e\u201dIn 2024 alone, tier-1 banks raked in over \u20a6650 billion from account maintenance and e-banking charges. Sterling\u2019s move rewrites Nigeria\u2019s banking rulebook while amplifying its bold stance: customers deserve freedom from too many \u200edeductions and the right to keep more of their hard-earned money.\u201d<\/p>\n
\u200eAccount maintenance charges have long been criticised by bank customers, who complain that the deductions, though often small per transaction, eat into balances over time.<\/p>\n
Sterling Bank\u2019s Managing Director, Abubakar Suleiman, said the latest decision was aimed at easing the financial burden on Nigerians.<\/p>\n
\u200e\u201dEvery 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,\u201d he was quoted as saying.<\/p>\n
\u200eThe bank\u2019s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, said the initiative was about building long-term relationships with customers.<\/p>\n
\u200eUkachukwu was quoted as saying, \u201cThis 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 serves both our customers and Sterling\u2019s future.\u201d<\/p>\n
\u200eThe bank framed the decision as a \u201cdeclaration of financial independence\u201d for Nigerians, stressing that it would allow customers to keep more of their earnings.<\/p>\n
In April 2025, Sterling abolished transfer fees on all local online transactions.<\/p>\n
The bank said at the time that the policy, which took effect immediately, was aimed at easing the cost of digital banking for individuals and small businesses.
\n(Punch)<\/p>\n","protected":false},"excerpt":{"rendered":"
Sterling Bank scraps account maintenance fees Sterling Bank has announced the removal of account maintenance fees on all personal accounts, a move it described as a \u201cgift\u201d to Nigerians as the country marked its 65th Independence Day on Wednesday. \u200eThe announcement, which coincided with Nigeria\u2019s 65th Independence Day, comes barely six months after the lender […]<\/p>\n","protected":false},"author":4,"featured_media":148765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,18,20],"tags":[2380,2379],"class_list":["post-148764","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","category-news","category-the-nation","tag-personal-accounts","tag-sterling-bank-account-maintenence-fees"],"yoast_head":"\n