By JKNewsMedia
BANKING FEES that once chipped away at customers’ funds are now set to become a thing of the past—at least for those using Sterling Bank.
The bank says the industry-defining policy has taken effect, eliminating charges on all local transfers and reshaping the financial landscape.
The announcement, made on 1 April, was initially met with scepticism, as many assumed it was an April Fools’ Day prank.
However, Sterling Bank swiftly confirmed its legitimacy in a statement, reinforcing its commitment to providing fair and inclusive banking services.
“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 more than a financial decision—it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.”
Ukachukwu emphasised that while Sterling may not be Nigeria’s largest bank, it continues to be one of the most forward-thinking.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”
Under this new policy, Sterling customers can now enjoy free transfers for all local transactions conducted via the bank’s mobile app.
This change is expected to generate significant savings, especially for individuals and small business owners who rely on digital banking for daily transactions.
He adds that Sterling Bank has a track record of championing customer-first policies.
During the COVID-19 pandemic, the bank stood out by providing supplementary payments to healthcare workers in public hospitals—an initiative that few others in the sector undertook, Ukachukwu recalled.
This latest move has been met with widespread public approval, with customers flooding social media platforms with positive reactions.
WhatsApp Nigeria, in particular, saw viral messages spreading rapidly, with one notable broadcast reading: “Please, my good people, this is not a joke! Sterling Bank has just shocked Nigeria today! My neighbour Justina just transferred N100k with no charges! God bless Sterling Bank!”
Also, the bank’s zero-fee policy is a strategic move that aligns with its broader mission to deliver transparent and ethical banking solutions at scale.
The bold initiative has also placed mounting pressure on other financial institutions to reconsider their fee structures and prioritise customer needs.
“We’re proud to lead this change,” Ukachukwu stated. “We hope it inspires others to think differently about what customers truly need from their banks—not just in services, but in values.”
