Sterling Bank has taken a bold step in reshaping digital banking in Nigeria by eliminating transfer fees on all local online transactions. This groundbreaking move makes Sterling the first major Nigerian bank to scrap these charges, reinforcing its commitment to customer-centric banking.
The bank confirmed the policy change in a press release on Tuesday, emphasizing that the zero-transfer-fee initiative is real and effective immediately.
Obinna Ukachukwu, Sterling Bank’s Growth Executive in charge of Consumer and Business Banking, described the decision as a values-driven approach focused on fairness and inclusivity in banking.
“We believe 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,” Ukachukwu stated.
Under this new policy, Sterling customers will no longer incur charges for local transfers made through the bank’s mobile app. The initiative is set to provide significant relief, particularly for individuals and small business owners who rely on frequent transactions for their daily financial activities.
Ukachukwu also underscored that Sterling’s move is not merely a competitive strategy but a statement of the bank’s belief in Nigeria’s future.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” he affirmed.
With this pioneering decision, Sterling Bank is setting a new standard for the Nigerian banking industry, potentially influencing other financial institutions to adopt more customer-friendly policies in digital banking.