Sterling Bank has officially removed Account Maintenance Fees (AMF) on all its personal accounts. Announced on October 1, 2025, this sweeping change is positioned as a gift to Nigerians as the country marks its 65th Independence Day. The decision follows Sterling’s earlier move in April 2025 to eliminate transfer fees on local online transactions.
Abubakar Suleiman, the bank’s Managing Director, explained that the policy is built on a simple but powerful principle: every fee removed is one less barrier to financial freedom. Sterling frames the removal of AMF — long a regular monthly deduction — as part of its commitment to transparency, fairness, and returning more value to its customers. Obinna Ukachukwu, Growth Executive in Consumer & Business Banking, added that this is about building lasting customer relationships and resetting what people expect from banking service.
The impact of Sterling’s move is broad. In 2024, tier-1 banks in Nigeria collected over ₦650 billion from account maintenance and e-banking charges — a levy many customers saw as opaque, mandatory, and steadily eroding balances. By abolishing AMF, Sterling is reclaiming that space for its customers. For many account holders, this will mean they will no longer see regular monthly deductions just for keeping an account open — freeing up more cash for savings, spending, or investment.
Sterling’s strategy here isn’t just cost-cutting for customers; it’s also a competitive stance. Banks in Nigeria have long relied on fees, from transfers to maintenance charges, as predictable revenue sources. Sterling’s removal of two major fees in short succession (transfer fees earlier, now AMF) signals a shift in the banking business model: one that could force competitors to rethink fees, customer expectations, and what it takes to win trust in the retail banking sector.
Looking forward, the removal of AMF could ripple through the financial services landscape. It may increase account usage and digital banking adoption, especially among lower-income Nigerians sensitive to fees. Regulators and consumer advocates will likely applaud the move, and customers will keep watch to see whether other banks follow suit. If they do, we might be seeing the dawn of a more customer-centric era in Nigerian banking — where fees are justified, transparent, and minimized, rather than being silently taken for granted.
0 Comments