Nigerian Bank Ends Online Transfer Charges, Calls Out Other Banks to Do Same
- Sterling Bank has announced the removal of transfer fees for local online transactions and is urging other Nigerian banks to follow suit
- Initially mistaken for an April Fool’s joke, the bank later confirmed that the zero-transfer-fee policy is real and effective immediately
- The initiative aims to support individuals and small businesses, reflecting its commitment to fairness and customer-focused banking
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Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
Sterling Bank has announced that it will no longer charge transfer fees for local online transactions. The bank is also encouraging other Nigerian banks to adopt the same policy.
The announcement was first made on Tuesday, April 1, 2025, via X (formerly Twitter).
"NIGERIANS ARE NO FOOLS! Enough Is Enough. No more quiet suffering. We’re doing our part by cancelling Transfer Fees. Let the other banks copy."
In its tweet, Sterling Bank tagged First Bank, Fidelity Bank, UBA, Access Bank, GTBank and StanbicIBTC, calling them to do the same.
That's RIGHT! As of TODAY Sterling Bank will NOT take any money for itself for:
✅ Mobile app, online - 100% FREE!
✅ Interbank transfers - ZERO FEES!
✅ ATM Card Issuance - 100% FREE!
Many people initially thought it was an April Fool’s joke, but the bank later confirmed in an official statement that the zero-transfer-fee policy is real and takes effect immediately.
With this decision, Sterling Bank, which is a subsidiary of Sterling Financial Holding Company, becomes the first major Nigerian bank to eliminate these charges on digital transactions.
Under the new policy, Sterling Bank customers can transfer money for free using the bank’s mobile app. This is expected to help individuals and small businesses save money, especially those who carry out multiple transactions daily.
The bank emphasized its commitment to putting customers first, noting that the initiative will benefit individuals and small business owners who make frequent transfers.
Recall that the bank recently increased the salaries of its over 3,000 employees across several cadres by 35%.
Source: Facebook
Obinna Ukachukwu, the bank’s Growth Executive for Consumer and Business Banking, explained that the decision is based on fairness and inclusivity.
He said the bank's new policy is about making banking more customer-focused.
He said:
“We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first.”
Ukachukwu also stressed that the decision is more than just a competitive strategy, but a way of supporting Nigerians.
Ukachukwu said that Sterling Bank has always prioritized its customers. During the COVID-19 pandemic, it supported healthcare workers in public hospitals by giving them extra payments when few others could.
Over the years, the bank has remained committed to being a responsible and responsive institution. Its recent decision to remove transfer fees has been widely praised, generating positive reactions on social media and encouraging other banks to consider doing the same.
Sterling Bank secures $75 million deal
Meanwhile, Legit.ng previously reported that Sterling Bank Plc signed a $75 million agreement with the African Export-Import Bank to support Nigeria’s non-oil exports.
The bank stated that the funds, obtained at the recently concluded Intra-Africa Trade Fair in Cairo, Egypt, would help tackle foreign exchange challenges.
According to Punch, the bank said the deal would strengthen trade financing and promote trade within Africa.
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Source: Legit.ng
