Sterling Bank has cancelled transfer fees on all local online transactions. This makes the lender the first major lender to take such action.
In a statement shared on microblogging site, Sterling Bank said “Nigerians are no fools. Enough is enough. No more quiet suffering.
“We’re doing our part by cancelling transfer fees Let the other banks copy”.
To confirm the development, the bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu said on Tuesday that the move was part of commitment to customer-centric banking.
He declared that the zero-transfer-fee policy is real and takes immediate effect.
Ukachukwu said, “This is more than a financial decision it’s about redefining banking to put customers first”.
He explained that effective on April 1, 2024, Sterling customers will not be charged for local transfers conducted through their mobile app.
Ukachukwu said, “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”.
However, the Bank says, it will refund all customers who were charged transfer fees on online transactions made on Tuesday, April 1, 2025.
The bank unveiled a new policy on Tuesday, announcing that it will no longer charge fees on online transfers for all local transactions conducted through its mobile app, effective immediately.
The announcement, initially made on their official X handle, stirred skepticism among the public due to its timing, coinciding with April Fools’ Day on April 1. Many assumed the zero-transfer-fee announcement was a marketing prank.
The launch of this initiative was not without a few hiccups. A customer, Ayooluwa Folarim, reported being charged fees for two transactions conducted at 6: a.m. on Tuesday.
Sterling Bank quickly clarified the situation, stating that refunds would be made for all charges between 12 midnight and 8 am.
“We kicked this off @ 8:00 AM this ,Tuesday, morning. But #WorryLess, we will refund our lovelies who were charged transfer fees between midnight and 8:00 AM today”.
We kicked this off @ 8:00 AM this morning. But #WorryLess, we will refund our lovelies who were charged transfer fees between midnight and 8:00 AM today.
By introducing this policy, Sterling Bank positions itself as a pioneer in prioritizing customer-centric banking practices.
The Growth Executive leading the Consumer and Business Banking Directorate, Obinna Ukachukwu, explained the motivation behind the policy.
“We believe access to your own money shouldn’t come with a penalty. 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”, he said in the statement.
Ukachukwu emphasized that while Sterling Bank may not yet be the largest bank in Nigeria, it remains bold and fearless in its vision for the future. “We are committed to supporting Nigeria’s growth and empowering its people”, he added.
Under the new policy, Sterling customers will enjoy free transfers for all local transactions made via its mobile app. This will lead to substantial savings for individuals, particularly those managing small businesses or conducting frequent daily transfers.
As digital banking becomes increasingly prominent, Sterling’s zero-transfer-fee initiative sets a significant precedent for the Nigerian banking industry.
This customer-focused move is not Sterling’s first bold step toward supporting public welfare. During the COVID-19 pandemic, the bank provided supplementary payments to healthcare workers in public hospitals a gesture widely praised for its impact on frontline workers during the crisis.
The removal of transaction fees has been met with widespread approval, sparking positive reactions across social media platforms.
Many customers have tagged other financial institutions, urging them to follow Sterling’s lead. This has placed pressure on the bank’s competitors to adopt similar policies, signaling a potential shift across the industry.
Sterling Bank’s initiative highlights the evolving priorities within Nigeria’s financial sector, driven by increasing digital adoption and customer demand for transparent banking practices.
As the first mover in eliminating transfer fees, Sterling Bank is setting the tone for what could become a new standard across the industry, placing greater focus on fairness, inclusivity, and customer satisfaction.
The policy has ignited discussions about how banks can better serve their clients without imposing penalties for accessing their own money a challenge that other Nigerian banks may soon be compelled to address.