No More Account Maintenance Fees: …Sterling Bank Gifts Nigerians on Independence Day

Marking Nigeria’s 65th Independence anniversary, Sterling Bank has announced the removal of Account Maintenance Fees (AMF) connected each idiosyncratic accounts, a determination that puts the spotlight backmost connected user costs successful the country’s banking sector.

The announcement follows an earlier determination successful April 2025 erstwhile the slope eliminated charges connected section online transfers. With this latest adjustment, Sterling becomes 1 of the fewer fiscal institutions successful Nigeria to instrumentality purpose astatine 2 of the astir commonly applied fees successful the retail banking space.

In 2024 alone, relationship attraction and e-banking fees reportedly generated implicit ₦650 cardinal successful gross for Nigeria’s top-tier banks. Critics person agelong argued that specified deductions softly spot distant astatine lawsuit balances, often without proportional work improvements.

According to Abubakar Suleiman, Managing Director of Sterling Bank, the determination reflects a broader displacement toward removing fiscal obstacles for mundane relationship holders.

“Every interest we region is 1 little obstruction betwixt our customers and fiscal freedom.” Suleiman said, referencing the bank’s earlier determination to destruct transportation charges.

Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, added that the determination was portion of a semipermanent strategy focused connected gathering transparency and spot betwixt banks and their customers.

While the announcement was made by the bank, manufacture analysts person noted the imaginable ripple effects crossed the fiscal sector. As integer banking and fintech alternatives summation traction, accepted banks are nether expanding unit to re-evaluate interest structures and amended worth propositions.

With 2 interest eliminations successful little than a year, Sterling’s actions rise caller questions astir however banks tin and should accommodate to changing user expectations successful a competitory fiscal landscape.

As Nigeria reflects connected its governmental independence, immoderate are framing this arsenic a motion toward fiscal independence, giving customers much power implicit however overmuch they clasp from their earnings.

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