Sterling Bank has eliminated transfer charges for local online transactions, making it the first major Nigerian bank to implement a zero-fee policy. The move has sparked widespread public approval and pressure on other banks to follow suit, redefining digital banking with a customer-focused approach.
In a bold move that has reshaped Nigeria’s banking landscape, Sterling Bank has eliminated charges on local online transactions, making it the first major bank in the country to adopt a zero-transfer-fee policy.
The announcement, initially met with skepticism due to its timing on April 1, was officially confirmed on Wednesday, setting off a wave of reactions across social media and financial circles.
Sterling Bank’s Growth Executive, Obinna Ukachukwu, emphasized that the decision aligns with the bank’s core values, stating, “We believe access to your own money shouldn’t come with a penalty. This is more than just a financial decision—it’s about fairness and inclusivity.”
Under the new policy, customers using the Sterling Bank mobile app can now enjoy free transfers, a move particularly beneficial for individuals and small businesses that rely heavily on daily transactions.
The decision has been widely praised, with users sharing their experiences online. Viral messages on WhatsApp celebrated the development, with one user exclaiming, “My neighbor just transferred N100,000 with no charges! God bless Sterling Bank!”
With growing public support and mounting pressure, industry watchers speculate that other financial institutions may be forced to follow Sterling’s lead. The move signals a potential shift towards more transparent and customer-friendly banking practices in Nigeria.
While some banks remain silent on the development, the question remains: Will Sterling’s bold decision redefine digital banking in Nigeria?
