In a bold and unprecedented move that sets a new standard for customer-focused banking in Nigeria, Sterling Bank has announced the elimination of bank transfer fees, making it the first major bank in the country to take this definitive step. Effective immediately, Sterling will no longer charge its customers for any local online transactions.
The announcement, made on April 1st, initially sparked skepticism, with many assuming it was an April Fools’ Day marketing stunt. However, Sterling quickly confirmed that the zero-transfer-fee policy is real and here to stay.
By taking this stand, Sterling Bank is challenging the long-standing industry practice of charging customers for everyday digital transactions—an issue that has become increasingly contentious as digital banking adoption grows.
“Banking Shouldn’t Penalize Access to Your Own Money”
“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 at Sterling Bank. “This decision is more than financial—it’s about our values. We are committed to making banking fair, inclusive, and truly customer-focused.”
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 just words.”
A Game-Changer for Individuals and Small Businesses
Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This move translates into 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 stood out by providing supplementary payments to healthcare workers in public hospitals—demonstrating its commitment to social responsibility at a time when few others stepped forward.
Public Applause and Industry Pressure
The bank’s latest move has been met with widespread public approval, igniting a flurry of positive reactions across social media. The news quickly went viral, with WhatsApp groups buzzing about the development. One widely shared 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!!”
The announcement has also placed mounting pressure on other financial institutions to reconsider their stance on transfer fees.
Setting a New Standard for Ethical Banking
Sterling’s zero-fee policy is part of a broader strategy to enhance customer experience and promote transparent, ethical banking at scale.
About Sterling Bank Sterling Bank is a full-service national commercial bank in Nigeria, committed to building a more equitable and sustainable future through its HEART strategy—focusing on investments in Health, Education, Agriculture, Renewable Energy, and Transportation. With a growing reputation for innovation and customer advocacy, Sterling continues to lead with impact, empathy, and execution.
