In a bold move that is reshaping Nigeria’s banking landscape, Sterling Bank has announced the complete removal of transfer fees on local online transactions, making it the first major financial institution in the country to take such a stand.
The announcement, made on April 1st, initially sparked skepticism, with many dismissing it as an April Fools’ Day prank. However, Sterling Bank has since reaffirmed its commitment, making it clear that the zero-transfer-fee policy is a permanent shift aimed at benefiting its customers.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, the Growth Executive leading the Consumer and Business Banking Directorate at Sterling Bank. “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.”
Under this new policy, all Sterling Bank customers can now conduct free local transfers through the bank’s mobile app, a move that is expected to provide significant savings, especially for individuals and small business owners who rely on frequent digital transactions.
Sterling Bank’s customer-first approach is not new. During the COVID-19 pandemic, the bank distinguished itself by providing additional financial support to healthcare workers in public hospitals. This latest move further reinforces its reputation as an institution that prioritizes the needs of its customers over profit.
Public reaction to the announcement has been overwhelmingly positive, with social media platforms buzzing with praise for the bank’s initiative. Viral messages on WhatsApp and Twitter have fueled discussions, with many calling on other banks to follow Sterling’s lead. One widely circulated message read: “Please my good people, this is not a joke!!! Sterling Bank has just shocked Nigeria today! My neighbor Justina just transferred N100k and no charges!!! God bless Sterling Bank!!”
Industry analysts suggest that Sterling’s decision could put pressure on other financial institutions to reconsider their transaction fee policies. As digital banking adoption continues to grow, consumers are increasingly demanding more transparent and customer-friendly banking solutions.
“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.”
Sterling Bank’s zero-fee policy signals a potential shift in Nigeria’s banking industry, setting a precedent that could redefine how financial institutions engage with their customers in the digital age.
The news story is now refined with a clear structure and an engaging narrative. Let me know if you’d like any further adjustments or additional details.
