Sterling Bank has once again redefined the boundaries of customer- first banking in Nigeria by scrapping Account Maintenance Fees (AMF) across all personal accounts. Just months after abolishing transfer fees on local online transactions in April 2025, the bank has dismantled yet another long-standing industry practice, cementing its role as the nation’s leading force for transparent, fair, and customer-focused banking.
This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly. In 2024 alone, tier-1 banks raked in over ₦650 billion from account maintenance and e-banking charges. Sterling’s move rewrites Nigeria’s banking rulebook while amplifying its bold stance: customers deserve freedom from too many deductions and the right to keep more of their hard-earned money.
Abubakar Suleiman, Managing Director of Sterling Bank, explained the principle driving this bold action: “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.”
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank, reinforced this position: “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.”
As Nigeria marks another Independence Day, Sterling Bank presents this decision as a declaration of financial independence for millions of Nigerians. By freeing customers from deductions that silently erode their balances, Sterling is empowering them to keep and grow their wealth while redefining true financial freedom.
With two unprecedented moves in quick succession, the removal of transfer fees in April and now the elimination of account maintenance charges, Sterling Bank continues to challenge the status quo and champion a new era of fairness in Nigerian banking.
L-R: Sim Shagaya, CEO, Ulessons and Chancellor of Miva Open University; Temitayo Adegoke, COO, Sterling Bank Ltd; Abubakar Suleiman, MD/CEO, Sterling Bank Ltd; Olapeju Ibekwe, CEO, Sterling One Foundation and Charles Omoera, CEO, SterlingFI at the September edition of the Sterling Leadership Series hosted in Lagos recently.
Sterling Bank has turned promise into action, unveiling the first 99 beneficiaries of its ₦2 billion Beyond Education Scholarship Fund, a bold investment in Nigeria’s next generation of leaders. The announcement, made during the Sterling Leadership Series (SLS) on 4 September at the Alliance Française de Lagos / Mike Adenuga Centre, signaled the rise of a movement to reimagine education as the engine of national transformation.
Launched earlier this year, the Beyond Education Scholarship Fund is set to provide full tuition scholarships to deserving Nigerians, marking one of the boldest private-sector commitments to higher education in the country’s history. Anchored on Sterling’s HEART strategy (Health, Education, Agriculture, Renewable Energy, and Transportation), the initiative underscores the bank’s belief in education as the most powerful driver of national progress.
Speaking at the event, Temitayo Adegoke, Chief Operating Officer of Sterling Bank, described the unveiling as a clarion call for a new era:
“At Sterling, we see education as the most powerful tool for transformation. We have invested, and will continue to invest, in programs that extend access to quality education and create pathways for real-world opportunities.”
The event brought together leading voices across entrepreneurship, policy, and education, including Sim Shagaya, Founder of uLesson and Miva University; Dr. Ayoteju Ogun, Deputy Director at the Nigerian Universities Commission; and David Adebayo, Chief Entrepreneur at Sterling Bank. Together, they challenged Africa to move beyond traditional education models and embrace creativity, adaptability, and lifelong learning as drivers of growth in the new economy.
Abubakar Suleiman, Managing Director and Chief Executive of Sterling Bank, reinforced this vision:
“The Sterling Leadership Series was designed to set a standard. Tonight, that standard is clear. Our young people have the talent, the curiosity, and the courage. What they need are the right opportunities and we are creating the platforms, the tools, and the pathways to unlock Nigeria’s greatest dividend: its people.”
The unveiling of the first 99 scholars drew thunderous applause, celebrated as both an academic milestone and a statement of values. With ₦2 billion committed to opportunity, Sterling Bank is rewriting the script for how financial institutions shape a nation’s future, placing people at the centre and turning investment into lasting impact. Already, the Beyond Education Scholarship is sparking conversations nationwide, reminding Nigerians that the future is not inherited, it is built.
The Sterling Leadership Series (SLS) is a quarterly interactive forum established by Sterling Bank to connect leaders across industries, inspire bold ideas, and drive transformative conversations that deliver measurable impact. By blending thought leadership with real-world outcomes, SLS has become a platform of choice for change makers committed to reimagining what is possible.
About Sterling Bank
Sterling Bank is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity and a steadfast focus on its HEART strategy. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, proving that purpose-driven leadership can unlock transformative outcomes for individuals, businesses, and society at large.
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On Saturday, May 11, 2024, Zikoko, in partnership with OneBank by Sterling, brought Lagos to life with an electrifying festival of music, games and camaraderie at Muri Okunola Park. Strings Attached was a celebration of oneness, friendship and love, uniting people from all walks of life under one vibrant canopy of joy.
From the moment the gates opened at 4 p.m., the air was charged with excitement despite the heavy downpour earlier in the day. Friends, families and lovers streamed in, eager to experience the magic of Strings Attached. And magic it was indeed.
Live performances from our music faves
The heart of Strings Attached beat with the rhythm of Lagos culture, pulsating through the performances of some of our most talented artists. As night fell, Johnny Drille, Fave, Qing Madi, Dwin the Stoic, Aramide, and more, graced the stage, serenading the crowd with soulful melodies and infectious beats. Each performance was a testament to the richness and diversity of Nigerian music, captivating the audience and inspiring moments of shared joy and connection.
— Zikoko is at #StringsAttached 🫶🏽🎶 (@Zikoko_Mag) May 11, 2024
Fun, fashion and prizes
But Strings Attached wasn’t just about the music; it was about forging new connections and strengthening existing ones. The festival buzzed with activities designed to spark friendships and deepen bonds. Speed dating sessions provided an opportunity for singles to mingle, while games and pretty photo booths at the “love garden” brought all the cool kids in the coolest fits together making fun content and spreading camaraderie. Whether they came with their squad or flew solo, Strings Attached ensured there was something for everyone.
Let’s not forget the thrilling competitions that kept the adrenaline pumping and the laughter flowing. From interactive challenges to spin-the-wheel giveaways, lucky winners walked away with awesome prizes, adding an extra layer of excitement.
The refreshments and their vendors
No festival is complete without delicious food and refreshing drinks, and Strings Attached delivered on all fronts. Local vendors like Ansabari Food, King Glab Cuisine, Sawari Cocktails, Coco Berry Treats, Kingla, Uso Ndu and more served up mouthwatering meals that ranged from traditional Nigerian delicacies like jollof, nkwobi, palm wine, small chops to international treats like waffles, barbeque, stirfry and fries. With drinks flowing freely, the party never stopped.
Our partners did giveaway…
They made it a top priority to treat festivalgoers to fun activities and freebies and made sure they had the best time possible.
OneBank by Sterling played a pivotal role in bringing Strings Attached to life. As the event’s primary partner, OneBank’s commitment to community-building and empowerment shone through every aspect of the festival. From offering free tickets to all attendees to hosting engaging activities at the One Experience Centre and giving out free iced zobo, OneBank created an immersive experience that went beyond banking. Their presence added depth to the festival’s message of oneness, showcasing how tangible and intangible links can foster strong communities.
Indomie, a beloved household name in Nigeria, brought a taste of nostalgia and comfort to Strings Attached with their delicious noodles. As one of the event’s partners, Indomie treated attendees to fun activities and free noodle meals. Their presence not only satisfied appetites but also evoked fond memories and brought people together over a shared love for good food and good times.
Flying Fish infused Strings Attached with a refreshing burst of flavour, enhancing the festival’s vibrant atmosphere with free cups of beer. As a partner of the event, Flying Fish ensured that attendees stayed cool and hydrated throughout the day, offering a welcome respite from the Lagos heat. From zesty lemon to tropical fruit flavours, their selection of drinks catered to every taste. With Flying Fish by their side, festival-goers danced, laughed and celebrated with enthusiasm, savouring every sip and embracing the spirit of joy and spontaneity that defines the Flying Fish brand.
CafeOne brought a touch of sophistication and elegance to Strings Attached, elevating the festival experience with their premium coffee and gourmet treats. As a partner of the event, CafeOne offered attendees a chance to indulge in a moment of luxury amidst the festivities, providing a cosy oasis where they could relax and recharge. From expertly crafted espressos to decadent pastries, Strings Attached became not just a community festival, but a multi-sensory celebration of life’s simple pleasures.
What festivalgoers are saying
“Organise this type of event more often”
“I’m mostly not a social person and was sceptical of how much I would enjoy the event if I attended but I’m really happy I did, it was so much fun and I’m grateful I got to enjoy all that for free thanks to ZIKOKO and Onebank.”
“I don’t know if this is the first edition, but it did not feel like it. The event was really good and well organised! I had a great time. From the organisation to the artiste line-up; I would give it a solid 9/10. That DJ was fire!!!!!! She’s who she thinks she is.”
“Best outdoor/ park party I have ever attended. Onebank team did a great job.”
In a world where division and discord often dominate the headlines, Strings Attached served as a powerful reminder of the importance of unity and togetherness in multiple ways. As the sun set on Muri Okunola Park and the final notes of music faded into the night led by N.A.T.E’s final hyping, the spirit of Strings Attached lingered on. Memories were made, connections were forged and hearts were lifted.
