In a groundbreaking move that redefines customer-centric banking in Nigeria, Sterling Bank has taken the bold step of eliminating all fees for local online transactions, effective immediately. This announcement, made on April 1, 2025, has stirred both surprise and excitement, with some initially mistaking it for an April Fools' Day prank. However, Sterling Bank has firmly confirmed that this is not a joke: the zero-transfer-fee policy is real and will be implemented across all local digital transactions.
By making this decision, Sterling Bank becomes the first major Nigerian financial institution to take a firm stance against the long-standing practice of charging customers for everyday digital transfers, a practice that has sparked growing dissatisfaction as digital banking has gained wider adoption.
“We believe that access to your own money should never come with a penalty,” said Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate at Sterling Bank. “This is more than just a financial move; it reflects our core values. We are committed to making banking more fair, inclusive, and customer-centric.”
Ukachukwu further emphasized, “We might not be the largest bank in Nigeria, but we’ve certainly been the boldest. Sterling firmly believes in Nigeria’s future, and this is us showing our unwavering support for Nigerians, not just through words, but through action.”
As part of the new policy, all Sterling Bank customers will benefit from free transfers for local transactions conducted via the bank’s mobile app. This shift is expected to bring significant savings, particularly for individuals and small business owners who often conduct daily transfers.
Sterling Bank has consistently demonstrated its commitment to social responsibility. During the COVID-19 pandemic, the bank stood out for providing supplemental payments to healthcare workers in public hospitals at a time when many others were unable or unwilling to offer additional support. This move builds on that foundation, reinforcing Sterling’s role as a forward-thinking, customer-first institution.
The bank's latest initiative has received widespread praise, igniting positive conversations on social media and creating growing pressure on other financial institutions to follow suit.
“We’re proud to lead this change,” Ukachukwu concluded. “We hope this inspires other banks to rethink their approach and truly understand what customers need, not just in terms of services but in terms of values.”
Sterling’s zero-fee policy quickly went viral across online platforms, with WhatsApp groups buzzing with excitement. One viral message, shared among friends and family, read: “Please, my good people, this is no joke! Sterling Bank has just shocked Nigeria today!! My neighbor Justina just transferred N100k and paid no charges!! God bless Sterling Bank!!” This message quickly gained traction, further fueling public interest and urging other banks to consider similar changes.
Sterling Bank’s bold move is part of its broader strategy to revolutionize the customer experience and provide transparent, ethical banking solutions at scale.
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