Marking Nigeria’s 65th Independence anniversary, Sterling Bank has announced the removal of Account Maintenance Fees (AMF) on all personal accounts, a decision that puts the spotlight back on consumer costs in the country’s banking sector.
The announcement follows an earlier move in April 2025 when the bank eliminated charges on local online transfers. With this latest adjustment, Sterling becomes one of the few financial institutions in Nigeria to take aim at two of the most commonly applied fees in the retail banking space.
In 2024 alone, account maintenance and e-banking fees reportedly generated over ₦650 billion in revenue for Nigeria’s top-tier banks. Critics have long argued that such deductions quietly chip away at customer balances, often without proportional service improvements.
According to Abubakar Suleiman, Managing Director of Sterling Bank, the decision reflects a broader shift toward removing financial obstacles for everyday account holders.
“Every fee we remove is one less barrier between our customers and financial freedom.” Suleiman said, referencing the bank’s earlier decision to eliminate transfer charges.
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, added that the move was part of a long-term strategy focused on building transparency and trust between banks and their customers.
While the announcement was made by the bank, industry analysts have noted the potential ripple effects across the financial sector. As digital banking and fintech alternatives gain traction, traditional banks are under increasing pressure to re-evaluate fee structures and improve value propositions.
With two fee eliminations in less than a year, Sterling’s actions raise new questions about how banks can and should adapt to changing consumer expectations in a competitive financial landscape.
As Nigeria reflects on its political independence, some are framing this as a gesture toward financial independence, giving customers more control over how much they retain from their earnings.
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