- Sterling Bank has eliminated Account Maintenance Fees (AMF) for all personal accounts.
- This decision aims to promote financial freedom for clients.
- The move follows the bank’s previous removal of fees for local online transfers in April 2025.
Sterling Bank has revealed that it will no longer charge Account Maintenance Fees (AMF) on all personal accounts, describing the move as a significant step toward enabling financial freedom for its clients.
This decision follows the bank’s earlier announcement in April 2025, when it removed fees for local online transfers. By taking this step, Sterling is challenging long-established banking norms and further cementing its reputation as a customer-centric institution in Nigeria.
According to industry reports, Nigerian tier-1 banks collected over ₦650 billion in 2024 from account maintenance and e-banking fees. Sterling Bank’s removal of AMF disrupts this traditional revenue stream, allowing Nigerians to retain more of their earnings.
Abubakar Suleiman, Sterling Bank’s Managing Director, explained the motivation behind the policy:
“Every fee we eliminate brings our customers closer to genuine financial freedom. This was the thinking behind removing transfer fees earlier this year, and it remains the driving principle as we phase out account maintenance charges.”
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, highlighted the customer-focused philosophy behind the initiative:
“Our goal is to foster lasting relationships that support sustainable growth. By prioritizing transparency and customer value, we are laying a foundation that benefits both our clients and Sterling Bank’s long-term success.”
Coinciding with Nigeria’s Independence Day celebrations, Sterling Bank framed the decision as a symbol of financial independence for millions of Nigerians. By cutting fees that quietly reduce account balances, the bank aims to empower customers to preserve and grow their wealth while setting new standards in the nation’s banking sector.
With the removal of both transfer fees and account maintenance charges in the same year, Sterling Bank distinguishes itself as a traditional bank that genuinely puts customers first, ushering in a new era of banking in Nigeria.
