Sterling Bank Announces Zero-Fee Local Transfers

Sterling Bank has ignited a significant industry debate by announcing the immediate elimination of all local online transfer fees for its customers. This move, which took effect on Tuesday, April 1st, initially sparked skepticism, with many suspecting an April Fool’s Day prank. However, the bank has firmly confirmed that the zero-transfer-fee policy is genuine and not a marketing stunt.

The bank’s decision positions Sterling as the first major Nigerian financial institution to challenge the established practice of charging customers for digital transactions. As digital banking becomes increasingly prevalent, this issue has become a point of contention among consumers. Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate, emphasized that the decision is rooted in the bank’s values, stating, “We believe access to your own money shouldn’t come with a penalty.” He further articulated the bank’s commitment to fairness, inclusivity, and customer-centricity.

Ukachukwu highlighted Sterling Bank’s proactive approach, noting, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.” He reinforced the bank’s belief in Nigeria’s future and its dedication to supporting Nigerians through tangible actions. The new policy allows Sterling customers to conduct all local transfers via the bank’s mobile app without incurring any fees, resulting in considerable savings, particularly for individuals and small business owners who frequently utilize digital transactions.

The announcement has garnered widespread public acclaim, generating positive feedback across social media platforms and placing pressure on other banks to adopt similar policies. Ukachukwu expressed the bank’s pride in leading this industry change and its hope that it will encourage other financial institutions to prioritize customers’ needs and values.