Sterling Bank of Nigeria Removes Account Maintenance Fees as Independence Day Gift

Sterling Bank of Nigeria has announced the removal of account maintenance fees (AMF) for personal accounts, aligning with the country's 65th Independence Day celebrations. The decision, led by Abubakar Suleiman, the Managing Director of Sterling Bank, reflects a strategic focus on consumer cost reduction and improving value propositions.

This initiative follows the bank's earlier move in April 2025 to eliminate charges for local online transfers. The removal of AMF, which reportedly generated significant revenue for the banking sector, is part of a broader industry shift towards enhancing financial inclusivity and customer satisfaction.

The move is expected to have a ripple effect on the financial sector, encouraging traditional banks to reevaluate their fee structures and adapt to changing consumer expectations.