Sterling Bank’s announcement to completely remove transfer charges from its online banking platform has attracted praise from former Minister of Aviation, Chief Osita Chidoka. He not only applauded the move publicly but also took personal action by opening a new account with the bank, calling it a “statement of values.”
On Friday, Chidoka visited a Sterling Bank branch to set up the new account, showing his support for what he referred to as a “bold and people-first decision.” The bank had earlier revealed that it would no longer charge customers for local transfers made through its OneBank platform, a move that surprised many Nigerians.
Initially, some assumed the announcement made on April 1st was an April Fools’ joke. But Sterling Bank quickly cleared the air, confirming that the zero-charge policy was real and effective immediately. The bank noted that this decision was aimed at reducing the financial stress on its customers and was not part of a temporary marketing stunt.
Chidoka, who has been vocal in the past about ending bank transfer fees, expressed his approval on social media. “Sterling Bank did the math – and still chose the people,” he wrote. He further said that giving up potential revenue just to help Nigerians breathe financially was a major step in the right direction.
During his visit, Chidoka pointed out that this kind of ethical move is rare in Nigeria’s banking sector. He noted that banks continue to report record profits while charging customers small fees for every transfer—fees that quickly add up across millions of transactions.
He went on to compare Sterling Bank’s action to the mobile industry’s shift to per-second billing years ago. Back then, telecom companies feared that reducing charges would hurt profits. Instead, it helped them grow. Chidoka believes a similar transformation could happen in banking if others follow Sterling’s lead.
“Just as per-second billing empowered millions, free transfers will do the same,” he said.
According to him, transfer charges, while small individually, take away money that could go towards food, school fees, or small business growth. He noted that in other countries, banks bear such costs, and there’s no reason why Nigerian banks can’t do the same.
Chidoka also reminded the public of his earlier push in 2023 to get lawmakers to ban transfer charges altogether. That campaign did not lead to any policy changes. However, he noted that Sterling acted without waiting for government approval. “They didn’t wait for the law. They led by conscience,” he said.
As a final message during his visit, Chidoka encouraged Nigerians to support banks that prioritize their welfare. “We need to start voting with our wallets,” he said, urging people to open accounts with banks that work in the public’s interest.
Online, the move has started a conversation, with some calling for a national day of support—#OpenSterlingAcctDay—urging others to protest against bank charges by choosing banks that don’t impose them.
