No More Bank Charges: Sterling Bank Set to Refund Transfer Fee to Customers
- With immediate effect, Sterling Bank's new policy will remove fees for online transfers for all local transactions conducted via its mobile app
- Additionally, the bank promises to reimburse all clients who paid transfer fees for transactions they made online that day
- The bank responded to an X user who expressed skepticism about the new policy's adoption by stating that it went into effect on April 1st, 2025
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
On Tuesday, April 1, 2025, Sterling Bank announced a new development that will see the bank will eliminate fees on online transfers for all local transactions made through its mobile app, with immediate effect.
Source: Getty Images
The bank also says it will reimburse all customers who were charged transfer fees on online transactions made on that day.
Replying to an X user who doubted the implementation of the new policy, the bank stated that it kicked off the new policy by 8:00AM of April 1st 2025.
It stated,
“We kicked this off @ 8:00 AM this morning. But #WorryLess, we will refund our lovelies who were charged transfer fees between midnight and 8:00 AM today.”
The bank emplasized that it will not take any money for itself based on transaction done on mobile app (Online), Interbank transfer as well as on ATM Card Issuance.
Sterling Bank Announces Name Change
The development occured as Shareholders of Sterling Bank have approved to convert from a core banking business to a holding company.
The shareholders of the bank agreed to transfer their investment into the HoldCo, which will become a parent company.
Checks on the Nigerian Exchange show over 28,790,418,124 ordinary shares of 50 Kobo each in the issued and paid-up share capital of Sterling Bank held by the Scheme Shareholders were transferred to Sterling Financial Holdings Company Limited.
This will hand investors who held the transferred shares in Sterling Bank the same volume of shares in the HoldCo.
A statement from Sterling bank shows the shareholders believe their decision will pave the way to make the company a dominant force in the financial market. Aside from banking, Sterling Bank operates a pension fund and an Islamic bank subsidiary.
Source: Getty Images
Embracing a Holdco structure confers Sterling Bank the leverage to make inroads into other sectors within financial services apart from commercial banking.
Pension, asset management, payments, and fintech are gaining traction among banks and offer opportunities for diversification as competition for interest income, which accounts for the majority of the banking industry's revenue, heats up.
Nigerian bank apologises for poor network
Legit.ng reported that Sterling Bank was compelled to open its doors on a Saturday, September 7, 2024, an unusual move for the institution, which typically observes a closed weekend.
The bank, in a statement, said that all its branches were open for customers this Saturday from 10 a.m. to 2 p.m.
The decision follows several days of service disruptions that left customers unable to carry out financial transactions.
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Source: Legit.ng
