In a groundbreaking move that sets a new standard for customer-centric banking in Nigeria, Sterling Bank has led the charge in eliminating transfer fees, announcing that it will no longer charge customers for any local online transactions.
The announcement, made on April 1, initially raised skepticism, with many believing it was an April Fools’ Day prank. However, Sterling Bank quickly confirmed that the zero-transfer-fee policy is genuine and effective immediately. This makes Sterling the first major Nigerian bank to challenge the longstanding practice of charging customers for everyday digital transfers, a contentious issue as digital banking becomes more prevalent.
“We believe access to your own money shouldn’t come at a cost,” said Obinna Ukachukwu, Growth Executive overseeing the Consumer and Business Banking Directorate. “This decision goes beyond finances—it’s a values-driven choice that underscores our commitment to fair, inclusive, and customer-focused banking.”
Ukachukwu further emphasized, “We’re not the largest bank in Nigeria, but we’ve certainly been the boldest. Sterling Bank firmly believes in the future of Nigeria, and this is our way of backing Nigerians beyond just words.”
With this new policy, Sterling customers will enjoy fee-free transfers for all local transactions made through the bank’s mobile app, providing significant savings, especially for individuals and small business owners who frequently make daily transfers.
Sterling’s customer-first approach is nothing new. During the COVID-19 pandemic, the bank set itself apart by offering supplementary payments to healthcare workers in public hospitals when others were unable to provide additional support. Since then, Sterling has continued to redefine what it means to be a responsible and responsive financial institution.
The bank’s bold move has garnered widespread public approval, sparking positive reactions across social media and urging other banks to follow suit.
“We’re proud to lead this change,” Ukachukwu added. “We hope this inspires others to rethink what customers truly need from their banks, not just in services, but in values.”
The news quickly went viral, with WhatsApp Nigeria buzzing with messages as users shared the update, including one from a prayer circle that read: “Please, my good people, this is not a joke!!! Sterling Bank has just shocked Nigeria today!! My neighbor Justina just transferred N100k with no charges!!! God bless Sterling Bank!!” The message gained rapid traction, fueling public interest and putting pressure on other banks to adopt similar policies. Sterling’s zero-fee initiative is part of a larger strategy to transform the banking experience and deliver transparent, ethical services at scale.
