Sterling Bank has called for 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 by the Bank on Tuesday, April 1, sparked widespread arguments, with many assuming it was a marketing prank tied to ‘April Fool’.
However, Sterling Bank, in a statement, has confirmed that it is not a stunt, that the zero-transfer-fee policy was 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,” it sated.
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.
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.”
