Sterling Bank has announced the elimination of transfer fees for local online transactions, urging other banks to follow suit in making banking more accessible.
The bank’s decision, revealed on April 1, initially sparked skepticism, with many assuming it was an April Fool’s prank. However, Sterling has confirmed that the zero-transfer-fee policy is real and has taken effect immediately.
With this move, Sterling Bank becomes the first major Nigerian bank to challenge the long-standing practice of charging customers for digital transfers—an issue that has gained increasing attention as online banking becomes more prevalent.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, Growth Executive for Consumer and Business Banking. “This is more than just a financial decision; it’s about fairness, inclusion, and a commitment to putting customers first.”
Under the new policy, Sterling customers will no longer incur transfer fees for local transactions conducted via the bank’s mobile app, a change that could mean substantial savings, especially for individuals and small business owners making frequent transfers.
The announcement has been met with widespread approval, sparking positive reactions on social media and putting pressure on other banks to reconsider their fee structures.
“We’re proud to lead this change,” Ukachukwu added. “We hope it encourages others to rethink not just the services they offer, but the values they uphold in serving customers.”
