Sterling Bank Protests Transfer Charges, Leading industry- wide shift

…Takes Bold Step Towards Fee-Free Digital Banking

Sterling Bank has officially eliminated bank transfer fees for all local online transactions. Effective immediately, Sterling customers will no longer incur charges when transferring funds via the bank’s mobile app.

Gisthood reports that the announcement, made on April 1st, initially sparked skepticism, with many dismissing it as an April Fools’ Day prank. However, Sterling Bank has since confirmed that the initiative is genuine, marking a historic shift in the country’s banking sector.

A Bold Stand Against Traditional Banking Fees

With this decision, Sterling Bank becomes the first major Nigerian financial institution to challenge the long-standing practice of imposing transfer fees on digital transactions. As digital banking becomes increasingly prevalent, concerns about excessive fees have grown, making Sterling’s move a welcome relief for millions of customers.

“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 at Sterling Bank. “This is not just a financial decision—it’s a values-driven one. We are committed to making banking fair, inclusive, and truly customer-focused.”

Ukachukwu further emphasized the bank’s leadership in the industry, stating, “We may not be the biggest bank in Nigeria, but we are certainly the boldest. Sterling believes in the future of Nigeria, and this is our way of backing Nigerians with more than just words.”

Impact on Customers and Industry Response

Sterling’s zero-fee policy promises significant financial relief, particularly for individuals and small business owners who conduct frequent transactions. By eliminating these charges, the bank is reinforcing its commitment to financial inclusion and empowering customers with more control over their money.

This customer-first approach is not new for Sterling. During the COVID-19 pandemic, the bank distinguished itself by providing supplementary payments to healthcare workers in public hospitals—a testament to its commitment to social responsibility. Today, it continues to lead by example, challenging industry norms and setting new benchmarks for ethical banking.

The policy change has been met with overwhelming public support, with social media platforms flooded with praise for Sterling Bank’s initiative. Viral messages across WhatsApp and other online communities have amplified the news, increasing pressure on other banks to follow suit. One widely shared message read: “Please my good people, this is not a joke! Sterling Bank has just shocked Nigeria today! My neighbor Justina just transferred N100k with no charges! God bless Sterling Bank!”

A Vision for Transparent and Ethical Banking

Sterling Bank’s latest move aligns with its broader strategy to revolutionize the banking experience through transparency and ethical financial solutions. By prioritizing customer needs and eliminating unnecessary fees, Sterling is reinforcing its reputation as an institution that puts people first.

About Sterling Bank

Sterling Bank is a full-service national commercial bank in Nigeria, dedicated to building a more equitable and sustainable future through its HEART strategy—focusing on Health, Education, Agriculture, Renewable Energy, and Transportation. Known for its innovation and customer advocacy, Sterling continues to lead with impact, empathy, and execution.