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Sterling Bank Makes History: Eliminates All Online Transfer Charges
A Bold Move in Nigerian Banking
Sterling Bank Ltd has taken a revolutionary step in Nigeria’s financial sector by announcing the complete elimination of transfer fees for all local online transactions conducted by its customers.
From April Fools’ Joke to Banking Reality
The April 1 announcement initially sparked skepticism, with many assuming it was an April Fools’ Day marketing stunt. However, Sterling Bank has confirmed this is a genuine policy change effective immediately, making it the first major Nigerian bank to abolish digital transfer fees.
“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 reflects our commitment to making banking fair, inclusive and truly customer-focused.”
What This Means for Customers
The new policy offers significant benefits:
- Zero fees on all local transfers via Sterling’s mobile app
- Substantial savings for frequent users
- Particular advantage for small business owners
Industry Impact and Public Reaction
The announcement has generated widespread positive reactions across social media and WhatsApp groups, with users sharing personal experiences of fee-free transfers. This move puts pressure on other Nigerian banks to reconsider their fee structures.
One viral WhatsApp message read: “Please my good people this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbour Justina just transferred N100k and no charges!!! God bless Sterling Bank!!”
Sterling’s Customer-First Legacy
This initiative continues Sterling Bank’s tradition of customer-centric innovations, including their support for healthcare workers during the COVID-19 pandemic. The bank positions this move as part of a broader strategy to deliver transparent, ethical banking solutions.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added. “This is us backing Nigerians with more than words.”
Source: Original report on Solacebase
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