Sterling Bank has announced the removal of transfer fees on all local online transactions, making it the first major Nigerian bank to do so.
The bank confirmed this move on Tuesday through a press release, which emphasized its commitment to customer-centric banking. The zero-transfer-fee policy is now in effect immediately, bringing significant relief to individuals and small business owners who frequently make transactions.
Obinna Ukachukwu, Sterling’s Growth Executive in charge of Consumer and Business Banking, explained that this decision is rooted in a values-driven approach aimed at fostering fair and inclusive banking. “We believe access to your own money shouldn’t come with a penalty,” Ukachukwu said. “This is more than just a financial decision—it’s about redefining banking to put customers first.”
Under the new policy, Sterling Bank customers will no longer incur charges for local transfers made via the bank’s mobile app. Ukachukwu added that this initiative goes beyond mere competition: “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. Sterling believes in the future of Nigeria, and we are backing it with more than just words.”