Sterling Bank Stops Online Transfer Charges in Groundbreaking Move

Bank Leads Industry Shift Towards Fee-Free Digital Transactions

Sterling Bank Ltd has made banking history by becoming the first major Nigerian financial institution to eliminate transfer fees for all local online transactions. The landmark decision, announced on April 1, was initially met with skepticism by customers who suspected an April Fools’ Day prank, but the bank has confirmed the policy is genuine and effective immediately.

A Bold Stand Against Industry Norms

This move positions Sterling Bank at the forefront of a growing movement against banking fees that has gained momentum as digital transactions become increasingly common. The bank’s leadership framed the decision as both a financial strategy and a moral stance.

“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 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.”

Significant Savings for Customers

Under the new policy, Sterling customers will enjoy:

• Free transfers for all local transactions via the bank’s mobile app
• Substantial savings for frequent users
• Particular benefits for small business owners

Ukachukwu added: “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.”

Public Reaction and Industry Impact

The announcement has generated widespread enthusiasm across Nigeria, with social media platforms and WhatsApp groups buzzing with reactions. One viral 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!!”

This customer-centric approach builds on Sterling Bank’s reputation for innovative policies. During the COVID-19 pandemic, the institution distinguished itself by providing supplementary payments to healthcare workers in public hospitals when few others offered similar support.

A New Banking Paradigm

The zero-fee policy represents part of Sterling Bank’s broader strategy to transform customer experience through transparent, ethical banking solutions. Industry analysts suggest this move may pressure competitors to reconsider their fee structures as digital banking becomes increasingly central to financial services in Nigeria.

“We’re proud to lead this change,” Ukachukwu concluded. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”

This article is based on original reporting from Solacebase. For complete details and additional context, please refer to the original source.