Sterling Bank has taken a bold step to alleviate the financial burden on its customers by announcing that it will no longer charge any fees for local bank transfers. This decision, made public on April 1st, has gained significant attention, initially raising doubts among some who thought it might be an April Fools’ Day prank.
However, Sterling Bank confirmed in a statement on Wednesday that this change is real and effective immediately.
The bank’s move marks a significant departure from the traditional banking model in Nigeria, where most financial institutions charge fees for digital transfers. Sterling Bank is now the first major Nigerian bank to remove these charges, a decision that is expected to have a major impact as more Nigerians turn to digital banking for their everyday transactions.
Obinna Ukachukwu, the Growth Executive in charge of the Consumer and Business Banking Directorate at Sterling, noted, “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.” He further 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.”
Under the new policy, customers using the Sterling Bank mobile app will be able to conduct all local transactions without incurring any transfer fees. This change is expected to significantly benefit individuals and small business owners who often make frequent transfers. For these customers, the elimination of fees could lead to substantial savings over time.
Sterling’s customer-first approach is not new. The bank had previously made waves during the COVID-19 pandemic by providing financial support to healthcare workers in public hospitals, a time when many other institutions were unable or unwilling to offer similar assistance. This latest move is seen as an extension of the bank’s ongoing commitment to responsible and customer-centric banking.
The announcement has been met with widespread public approval, with many praising Sterling Bank for its initiative. Social media platforms, including WhatsApp, have seen an outpouring of support, with users sharing the news across various groups.
In addition to the positive public response, the move has placed pressure on other Nigerian banks to reconsider their fee structures. With many banks still charging for digital transfers, Sterling’s policy could encourage other institutions to follow suit.
