Sterling Bank Makes History: Eliminates Online Transfer Fees

In a bold move shaking Nigeria’s banking sector, Sterling Bank has announced it will no longer charge fees for local online transfers, becoming the first major Nigerian bank to take this customer-friendly stance.

From April Fools’ Joke to Banking Revolution

When Sterling Bank first announced its zero-transfer-fee policy on April 1, many Nigerians dismissed it as an April Fools’ Day marketing stunt. However, the bank has confirmed this is no joke – the policy is real and effective immediately.

A Values-Based Decision

Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate, explained the bank’s rationale: “We believe access to your own money shouldn’t come with a penalty. 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.”

What This Means for Customers

• Free transfers for all local transactions via Sterling’s mobile app
• Significant savings for frequent users
• Particular benefit for small business owners

Sterling’s History of Customer-Centric Moves

This isn’t the first time Sterling Bank has prioritized customer needs over profits. During the COVID-19 pandemic, the bank stood out by providing supplementary payments to healthcare workers in public hospitals when few others offered support.

Public Reaction and Industry Impact

The announcement has sparked widespread approval across Nigeria, with social media buzzing and WhatsApp groups sharing the news virally. One particularly enthusiastic message from a prayer circle 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!!”

The move is putting pressure on other Nigerian banks to reconsider their fee structures, potentially heralding a new era of customer-friendly banking in the country.

A Broader Strategy

Sterling’s zero-fee policy is part of a comprehensive strategy to transform customer experience and deliver transparent, ethical banking solutions at scale. As Ukachukwu noted: “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”

This article summarizes an original report. Full credit goes to the original source.