News Highlights:
- Sterling Bank has eliminated transfer fees for all local online transactions, making it the first major Nigerian bank to take this bold step.
- Initially mistaken for an April Fools’ prank, the zero-transfer-fee policy is now in effect, earning widespread public approval and challenging industry norms.
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 which was made on April 1st, initially sparked widespread arguments, with many Sterling Bank customers thinking it was a marketing prank tied to April Fools’ Day. Sterling Bank has, however, confirmed that this is no stunt: the zero-transfer-fee policy is real and effective immediately.
Digital TimesNG reports that with this move, Sterling Bank becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers.
Obinna Ukachukwu, Growth Executive, Consumer and Business Banking Directorate said, “We believe access to your own money shouldn’t come with a penalty. 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.
Sterling’s commitment to putting customers first is nothing new. During the COVID-19 pandemic, the bank distinguished itself by offering supplementary payments to healthcare workers in public hospitals—at a time when few others could or would provide additional support. Since then, Sterling has consistently redefined 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. We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values,” Ukachukwu added.
Sterling’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.
