By NewsDesk
Lagos — In a bold move that is already shaking up Nigeria’s banking sector, Sterling Bank has announced the cancellation of transfer fees for all local online transactions conducted by its customers. The decision makes Sterling the first major Nigerian bank to take a definitive stand against charging customers for everyday digital transfers.
The announcement, made on April 1, initially sparked skepticism, with many assuming it was an April Fools’ prank. However, Sterling Bank has confirmed that the zero-transfer-fee policy is real and effective immediately.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate. “This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer-focused.”
Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. The initiative is expected to provide significant financial relief, particularly for individuals and small business owners who make frequent daily transfers.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added. “Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”
The policy has been met with widespread public approval, with social media platforms buzzing with praise for the bank. WhatsApp messages quickly went viral, including one from a prayer group that 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!”
This move builds on Sterling Bank’s track record of customer-first initiatives. During the COVID-19 pandemic, the bank was one of the few institutions that provided supplementary payments to healthcare workers in public hospitals.
With Sterling leading the charge, pressure is mounting on other banks to follow suit. “We’re proud to lead this change,” Ukachukwu said. “We hope it inspires others to think differently about what customers truly need from their banks—not just in services, but in values.”
Sterling’s zero-fee policy is part of its broader strategy to create a transparent and ethical banking experience. Whether this bold step forces a shift across the industry remains to be seen, but for now, many Nigerians are celebrating a rare win in their banking transactions.