Friday, April 4, 2025 - In a landmark move that sets a new benchmark for customer-focused banking in Nigeria, Sterling Bank has championed the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.
The announcement, made on April 1st, initially sparked
widespread arguments, with many
assuming it was a marketing prank tied to April Fools’ Day. However, Sterling
has confirmed that this is no stunt: the zero-transfer-fee policy is real, and
effective immediately.
With this move, Sterling becomes the first major Nigerian
bank to take a definitive stand against the long-standing practice of charging
customers for everyday digital transfers, an issue that has grown increasingly
contentious as digital banking adoption deepens.
“We believe access to your own money shouldn’t come with a
penalty,” said Obinna
Ukachukwu, Growth Executive leading the Consumer and Business Banking
Directorate. “This is more than a financial decision, it’s a values-based one.
It reflects our commitment to making banking fair, inclusive, and truly
customer focused.”
“We’re not yet the biggest bank in Nigeria, but we’ve been
the boldest,” Ukachukwu added. “Sterling fearlessly believes in the future of
Nigeria, and this is us backing Nigerians with more than words.”
Under the new policy, Sterling customers will enjoy free
transfers for all local transactions
conducted via the bank’s mobile app. This translates into significant savings,
particularly for individuals and new small business owners who make frequent
daily transfers.
This customer-first orientation is not new for Sterling.
During the COVID-19 pandemic, the bank stood out by providing supplementary
payments to healthcare workers in public hospitals—at a time when few others
were willing or able to offer additional support. From that moment to now,
Sterling has continued to redefine what it means to be a responsible and
responsive institution.
The bank’s latest move has been met with widespread public
approval, sparking positive
reactions across social media and placing pressure on industry peers to follow
suit.
We’re proud to lead this change,” Ukachukwu added. “We hope
it inspires others to think
differently about what customers truly need from their banks, not just in
services, but in values.”
Online communities were not excluded as WhatsApp Nigeria lit
up with viral broadcasts as users forwarded the news across various groups,
including one from a prayer circle that read: “Please my good people this is
not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbour
Justina just transferred N100k and no charges!!! God bless Sterling Bank!!”.
The message quickly gained traction, sparking massive public interest and
mounting pressure on other banks to follow suit.
Sterling’s zero-fee policy is part of a broader strategy to transform the
customer experience and deliver transparent, ethical banking solutions at
scale.
About Sterling Bank
Sterling Bank is a full-service national commercial bank in Nigeria, focused on
building a more equitable and sustainable future through its HEART strategy,
targeting investments in Health, Education, Agriculture, Renewable Energy, and
Transportation. With a growing reputation for innovation and customer advocacy,
Sterling continues to lead with impact, empathy, and execution.
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