Sterling Bank has introduced the elimination of account upkeep expenses on all private accounts, describing the transfer as a “financial gift” to Nigerians in celebration of the nation’s sixty fifth Independence anniversary.
The improvement, disclosed in a press release on Wednesday, follows the {bank}’s earlier resolution in April 2025 to abolish switch charges on native on-line transactions, reinforcing its dedication to easing banking prices for purchasers.
“Just 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’s leading force for transparent, fair, and customer-focused banking,” the assertion learn.
The lender famous that in 2024 alone, tier-1 banks earned over ₦650 billion from account upkeep and e-banking expenses — deductions which have lengthy been criticised by clients as pointless and burdensome.
Sterling’s Managing Director, Abubakar Suleiman, mentioned the initiative was about releasing clients from hidden expenses that eat into their revenue.
“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,” Suleiman said.
READ ALSO: Sterling HoldCo Unveils $400m Fundraising Plan Ahead of AGM
Also talking, the {bank}’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, mentioned the transfer was a part of Sterling’s long-term imaginative and prescient to prioritise transparency and buyer belief.
“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 serves both our customers and Sterling’s future,” Ukachukwu mentioned.
Framing the coverage as a “declaration of financial independence,” Sterling Bank mentioned Nigerians can now maintain extra of their earnings with out worrying about month-to-month deductions that diminish account balances over time.
