Sterling Bank Leads the Charge for Zero Bank Transfer Fees in Nigeria
Lagos, Nigeria – April 1, 2025 – Sterling Bank has taken a bold step towards customer-friendly banking by eliminating transfer charges for local online transactions, making it the first major Nigerian bank to implement such a policy.
The announcement, made on April 1st, was initially met with skepticism, as many assumed it to be an April Fools’ prank. However, the bank has confirmed that the zero-transfer-fee policy is genuine and effective immediately.
Sterling Bank’s decision challenges a long-standing banking practice that has drawn criticism from customers amid the rising adoption of digital transactions. By removing transfer fees, the bank aims to ease financial burdens for individuals and small businesses.
“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 a financial decision; it’s a values-based one. We are committed to making banking fair, inclusive, and customer-centric.”
Under the new policy, Sterling Bank customers can transfer money free of charge using the bank’s mobile app, potentially saving users significant costs over time.
Sterling Bank has a history of customer-oriented initiatives. During the COVID-19 pandemic, the bank provided supplementary payments to healthcare workers in public hospitals, reinforcing its commitment to social responsibility.
The announcement has sparked widespread approval, with social media users celebrating the move and urging other banks to follow suit. Viral messages circulating on platforms like WhatsApp highlighted customer experiences, further amplifying public interest.
“We’re proud to lead this change,” Ukachukwu stated. “We hope this move inspires others to rethink what customers truly need from their banks—not just in services, but in values.”
Sterling Bank is a full-service national commercial bank in Nigeria, dedicated to fostering economic growth through its HEART strategy, which focuses on Health, Education, Agriculture, Renewable Energy, and Transportation. With a strong reputation for innovation and customer advocacy, Sterling continues to champion financial solutions that prioritize transparency, inclusion, and positive societal impact.
