Onome Amuge

As Nigeria celebrated its 65th Independence anniversary on October 1, Sterling Bank Plc unveiled what it described as a “financial independence” package for its customers, announcing the scrapping of Account Maintenance Fees (AMF) on all personal accounts.

The announcement comes just five months after the bank abolished transfer fees on local online transactions in April 2025, a move that analysts at the time described as a direct challenge to the traditional fee-based revenue model of Nigerian banks.

With this new policy, Sterling positions itself as a first mover in redefining customer-centric banking in Africa’s largest economy. For decades, Nigerian bank customers have complained about hidden charges that whittle down balances, particularly account maintenance and transfer fees, which often appear on monthly statements with little clarity.

“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,” said Abubakar Suleiman, managing director of Sterling Bank. 

Industry watchers say the decision could trigger competitive pressure on other banks to rethink their reliance on non-interest income from transaction charges, which account for a significant portion of revenues. According to the National Bureau of Statistics, Nigerian banks earned more than N850 billion in fees and commissions in 2024, a figure expected to drop if Sterling’s peers follow suit.

“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,” added Obinna Ukachukwu, Sterling’s growth executive for consumer and business banking.