Lagos, April 2, 2025 – In a groundbreaking move that challenges long-standing banking norms, Sterling Bank has officially scrapped transfer fees for all local online transactions, setting a new precedent for customer-focused banking in Nigeria.
The announcement, made on April 1, was initially met with skepticism, as many suspected it to be an April Fools’ Day prank. However, Sterling Bank swiftly confirmed that the zero-transfer-fee policy is genuine and has taken effect immediately.
With this decision, Sterling becomes the first major Nigerian bank to eliminate charges on everyday digital transfers, addressing a growing concern among customers as digital banking adoption surges.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, Growth Executive overseeing 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.”
Sterling customers will now enjoy free transfers on all local transactions conducted via the bank’s mobile app, a move expected to offer significant relief, especially to individuals and small business owners who rely on frequent digital transactions.
Sterling Bank has a track record of prioritizing social impact. During the COVID-19 pandemic, the bank stood out by providing supplementary payments to healthcare workers in public hospitals. This latest initiative reinforces its reputation as a forward-thinking and responsible financial institution.
The policy has been met with widespread public support, with social media platforms buzzing with praise for Sterling’s bold stance. Viral messages on WhatsApp, including one from a prayer group, expressed excitement over the decision: “Please my good people, this is not a joke! Sterling Bank has just shocked Nigeria today! My neighbor Justina just transferred N100k and no charges! God bless Sterling Bank!!”
As pressure mounts on other banks to follow suit, industry observers believe Sterling’s move could usher in a new era of customer-first banking in Nigeria.
“We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to rethink what customers truly need from their banks—not just in services, but in values.”
Sterling Bank’s zero-fee policy is part of its broader strategy to enhance customer experience and drive ethical, transparent banking practices at scale.
