LAGOS, NIGERIA – In a bold move that sets a new standard for customer-focused banking in Nigeria, Sterling Bank has taken the lead in advocating for the elimination of bank transfer fees.
The bank announced that it will no longer charge its customers for any local online transactions, making it the first major Nigerian financial institution to take a stand against the long-standing practice of transfer charges.
The announcement, made on April 1st, initially sparked widespread skepticism, with many assuming it was an elaborate April Fools’ Day prank. However, Sterling Bank swiftly confirmed that the zero-transfer-fee policy is genuine and has taken immediate effect.
With this initiative, Sterling challenges an entrenched industry practice that has long been a point of contention among customers as digital banking adoption continues to rise.
“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-driven one. We are committed to making banking fair, inclusive, and truly customer-focused.”
Ukachukwu further emphasized Sterling’s fearless approach: “We may not be Nigeria’s biggest bank, but we are the boldest. We believe in the future of this country, and we’re backing Nigerians with more than just words.”
Under this new policy, Sterling customers will enjoy free transfers for all 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 rely on frequent digital transactions.
Sterling’s customer-first approach is not new. During the COVID-19 pandemic, the bank distinguished itself by providing supplementary payments to healthcare workers in public hospitals at a time when few others were stepping forward with financial support. This latest move further cements Sterling’s reputation as a responsive and socially responsible institution.
The zero-fee policy has been met with widespread public approval, igniting conversations across social media and increasing pressure on other banks to follow suit.
“We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to rethink what customers truly need—not just in services, but in values.”
Social media platforms have been abuzz with reactions. WhatsApp Nigeria, in particular, saw viral messages spreading rapidly. One message from a prayer circle read: “Please my good people, this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbor Justina just transferred N100k and no charges!!! God bless Sterling Bank!!” This sentiment quickly gained traction, amplifying public interest and fueling calls for similar action from other financial institutions.
Sterling’s zero-fee initiative is part of a broader strategy to redefine customer experience by offering transparent, ethical banking solutions at scale.
