In a groundbreaking shift for Nigeria’s financial sector, Sterling Bank has officially eliminated all transfer fees on local online transactions, becoming the first major bank in the country to implement a zero-transfer-fee policy.
Initially announced on April 1st, the news was met with skepticism, with many assuming it was an April Fools’ prank. However, the bank has since reaffirmed the move as a permanent and strategic decision, aimed at aligning with its mission to make banking more inclusive and customer-driven.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, Growth Executive at Sterling Bank. “This is more than a financial decision; it’s a values-based one that reflects our commitment to fair, inclusive, and customer-focused banking.”
Under the new policy, all Sterling Bank customers can conduct free local transfers through the bank’s mobile app, offering significant savings for individuals and small business owners who rely heavily on digital payments for daily transactions.
Analysts see the move as a potential disruptor in Nigeria’s banking space, with pressure mounting on other financial institutions to follow suit and rethink traditional fee structures. Sterling Bank’s zero-fee initiative is being hailed as a progressive leap toward accessible digital banking in Africa’s largest economy.
Sterling Bank’s customer-first approach is not new. During the COVID-19 pandemic, the bank distinguished itself by providing additional financial support to healthcare workers in public hospitals. This latest move further reinforces its reputation as an institution that prioritizes the needs of its customers over profit.
Public reaction to the announcement has been overwhelmingly positive, with social media platforms buzzing with praise for the bank’s initiative. Viral messages on WhatsApp and Twitter have fueled discussions, with many calling on other banks to follow Sterling’s lead. One widely circulated message read: “Please, my good people, this is not a joke!!! Sterling Bank has just shocked Nigeria today! My neighbor Justina just transferred N100k and no charges!!! God bless Sterling Bank!!”