Sterling Bank leads protest for removal of bank transfer charges
In a groundbreaking step toward customer-centric banking in Nigeria, Sterling Bank has led the push for major banks to eliminate bank transfer fees. The bank announced that it will no longer charge any fees for local online transactions made by its customers.
The announcement on April 1st initially sparked widespread debate, with many dismissing it as an April Fools’ Day marketing stunt. However, Sterling Bank has clarified that the zero-transfer-fee policy is genuine and has taken effect immediately.
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With this initiative, Sterling becomes the first major Nigerian bank to take a firm stand against the longstanding practice of charging customers for routine digital transfers—an issue that has become increasingly controversial as digital banking continues to expand.
“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.”“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added. “Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”
STERLING BANK NEW POLICY
Under the new policy, Sterling customers can now enjoy free transfers for all local transactions made through the bank’s mobile app. This initiative offers substantial savings, especially for individuals and small business owners who rely on frequent daily transfers.
Sterling’s commitment to customer-centric banking is not new. During the COVID-19 pandemic, the bank distinguished itself by providing additional payments to healthcare workers in public hospitals—at a time when few others stepped forward with support. From then until now, Sterling has continued to set the standard for responsible and responsive banking.
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The bank’s latest initiative has been met with widespread public approval, generating positive reactions across social media and increasing pressure on other financial institutions to follow suit.
“We’re proud to lead this change,” Ukachukwu stated. “We hope it encourages others to rethink what customers truly need from their banks—not just in services, but in values.”
HOW PEOPLE REACTED TO THE NEWS
The news quickly went viral, spreading across online communities. WhatsApp Nigeria was flooded with broadcasts, including one from a prayer group that read: “Please, my good people, this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbor Justina just transferred N100k with no charges!!! God bless Sterling Bank!” The message gained rapid traction, fueling public excitement and increasing pressure on other banks to follow suit.
Sterling’s zero-fee policy is part of a larger strategy aimed at transforming the customer experience and promoting transparent, ethical banking on a wider scale.
