Sterling Bank has called for 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 declaration, issued on April 1st, initially ignited extensive debates, as numerous people believed it was merely an April Fools’ Day joke aimed at misleading consumers.
Nonetheless, Sterling Bank, in an official statement, affirmed that it is not a publicity move; the zero-transfer-fee policy is genuine and went into effect right away.
Through this action, Sterling transforms into the initial prominent Nigerian financial institution to explicitly oppose the longstanding policy of imposing fees on customers for routine digital transactions. This move comes at a time when the debate around this issue is intensifying due to the growing acceptance of digital banking services.
“Accessing your own funds should not incur a penalty,” stated Obinna Ukachukwu, who leads growth initiatives as the head of the Consumer and Business Banking Directorate at Sterling Bank.
This goes beyond just a monetary choice; it’s an ethics-driven one. It showcases our dedication to ensuring banking is equitable, all-encompassing, and genuinely centered around our customers.
“We may not be the largest bank in Nigeria just yet, but we have certainly been the most daring,” Ukachukwu stated.
“Sterling boldly trusts in Nigeria’s future, and here we are supporting Nigerians not just through words,” it stated.
With the introduction of this new policy, Sterling account holders will benefit from complimentary transfers for all domestic transactions carried out through the bank’s mobile application. This move promises substantial cost reductions, especially for regular users and emerging entrepreneurs who conduct numerous daily money movements.
The bank’s recent action has garnered broad public support, triggering favorable responses on social platforms and compelling rival companies to consider adopting similar measures.
We’re thrilled to be at the forefront of this transformation,” Ukachukwu stated. “Our aim is to encourage others to reconsider what customers genuinely require from their banking institutions—not only in terms of services but also in core values.
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