Sterling Bank has announced that it will no longer charge its customers for any local online transactions. The policy shift, which took effect on April 1st, makes Sterling the first major Nigerian bank to eliminate transfer fees, setting a new standard for the industry. Initially, the announcement sparked skepticism, with many assuming it was an April Fools’ Day prank. However, Sterling Bank has confirmed that the policy is genuine and effective immediately.
“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.”
Ukachukwu added, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.” With this move, Sterling becomes the first major Nigerian bank to take a strong stance against the long-standing practice of charging customers for routine digital transfers. This decision is especially significant as digital banking continues to gain popularity, with increasing concerns over the cost of everyday transactions.
The zero-transfer-fee policy applies to all local transactions conducted via Sterling’s mobile app, providing significant savings for individuals and small business owners who frequently make digital transfers. Sterling’s customer-first approach is not new. During the COVID-19 pandemic, the bank made headlines by offering supplementary payments to healthcare workers in public hospitals, at a time when few other institutions were able or willing to provide such support.
This move reinforced Sterling’s reputation as a responsible and responsive financial institution.
The bank’s announcement has garnered widespread approval, with social media buzzing with positive reactions. Sterling’s bold action has also placed pressure on other banks to reconsider their transfer fee structures.
“We’re proud to lead this change,” Ukachukwu said. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services but in values.”
The news quickly went viral on WhatsApp, with Nigerians sharing their experiences of fee-free transfers. One viral message, originating from a prayer circle, 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 momentum, sparking public interest and encouraging other banks to follow suit.
Sterling’s decision to eliminate transfer fees is part of a larger strategy to provide ethical, transparent, and customer-focused banking solutions, reshaping the future of the Nigerian banking sector.