In a groundbreaking move, Sterling Bank has announced the removal of transfer fees for all local online transactions, effective immediately. This decision positions Sterling as the first major Nigerian bank to abolish these charges, a long-standing issue in digital banking.
The announcement, made on April 1, initially sparked skepticism, with many assuming it was an April Fools’ Day prank. However, Sterling Bank confirmed the policy’s authenticity, emphasizing its commitment to customer-centric banking. Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, described the decision as values-driven, stating, “Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first.”
Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This initiative is expected to provide significant relief to individuals and small business owners who rely on frequent transfers.
The move has garnered widespread public approval, with social media buzzing over the news and calls mounting for other banks to follow suit. Sterling Bank hopes this bold step will inspire industry peers to rethink their approach to customer service and values.
