₦airaland Forum

LAGOS – In a landmark move that sets a new benchmark for customer-focused banking in Nigeria, Sterling Bank has championed the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.

The announcement made on April 1 initially sparked widespread arguments, with many assuming it was a marketing prank tied to April Fools’ Day. However, Sterling Bank has confirmed that this is no stunt: the zero-transfer-fee policy is real and effective immediately.

With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.

“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.”

“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.”

Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.

This customer-first orientation is not new for Sterling. During the COVID-19 pandemic, the bank stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support. From that moment to now, Sterling has continued to redefine what it means to be a responsible and responsive institution.

The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.

“We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”

Online communities were not excluded as WhatsApp Nigeria lit up with viral broadcasts as users forwarded the news across various groups, including one from a prayer circle that read: “Please my good people this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbour Justina just transferred N100k and no charges!!! God bless Sterling Bank!!” The message quickly gained traction, sparking massive public interest and mounting pressure on other banks to follow suit.

Sterling’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.

https://www.vanguardngr.com/2025/04/sterling-bank-stops-online-transfer-charges-urges-others-to-follow-suit/#:~:text=LAGOS%20%E2%80%93%20In%20a%20landmark%20move,online%20transactions%20by%20its%20customers.

This their building look like old NAL merchant bank.
Just checked and discovered that Sterling Bank is the former NAL merchant bank

GTB should be next. Stop stealing my funds in bits

Marketing strategy

They will get their money back from maintenance fee

They need customer

Na that send 10k and receive 99950 dey pain me pass

Good

Nice initiative. Nigerians are suffering...1million... now is roughly 700 dollars... and we are living in a global village... premium suffering imposed on innocent Nigerians by Mr tinubu.

GTB,ACCESS wouldn't like this

Nice

Lol....


Fintech like Dem Opay, Moniepoint, Kuda, Palmpay don make dem all lose customer...

Nice step

UBA will rather die than to stop the charges

Good one

Beautiful

Top Nigerian banks left the group chat.

Lovelife433:
UBA will rather die than to stop the charges

fidelity bank nko

.

Yeye bank

To attract more customers
But that #10 deduction is so disgusting aswer

Zenith Bank just left the Whatsapp group.

Access wan kill me with 10naira and 50naira debit alert as I just enter their app na debit alert.

Instead make una reduce am to maybe 5naira. Una wan do wetin una power no carry

Standard Chartered Bank had been doing this from time immemorial. Not a new thing.

DyshApp:
https://www.vanguardngr.com/2025/04/sterling-bank-stops-online-transfer-charges-urges-others-to-follow-suit/#:~:text=LAGOS%20%E2%80%93%20In%20a%20landmark%20move,online%20transactions%20by%20its%20customers.

DyshApp:
https://www.vanguardngr.com/2025/04/sterling-bank-stops-online-transfer-charges-urges-others-to-follow-suit/#:~:text=LAGOS%20%E2%80%93%20In%20a%20landmark%20move,online%20transactions%20by%20its%20customers.

Most dubious and corrupt banking institution in Nigeria . Never you believe anything coming from these guys

Lol

Opay and Kuda don show dem pepper.

Gtbank bank left the group

Hmmm.
When will zenith bank stop theirs, they extract over 1k from my account on daily basis in the name of online transactions

The announcement was made on April 1, which means we could have been fooled by this but it's a good way to make a fool out of their competitors if they don't join. Nice work Sterling Bank. By the way,

Five major banks declare N4.56trillion full year profit

Pre-tax profit for five major tier 1 banks rose by about 70 per cent to N4.56 trillion in 2024.

Key extracts of the full-year financial results of five headlining banks –
United Bank for Africa (UBA) Plc,
First Holdco Plc,
Zenith Bank International Plc,
Guaranty Trust Holding Company (GTCO) and Stanbic IBTC Holdings Plc – showed strong growths in profitability and assets.
https://thenationonlineng.net/five-major-banks-declare-n4-56trillion-full-year-profit/

I am sure when they check the income they made from charges, IYKYK

helinues:
Marketing strategy

They will get their money back from maintenance fee

...and daily float income. Plus, a backing (maybe an award) from CBN for customer acquisition and increase in deposit

Zenith and GT una dey see wetin una mate dey do?