Chief Osita Chidoka, the former Minister of Aviation, has praised Sterling Bank for its bold move to eliminate local transfer charges, even expressing his intention to reward the bank for setting an example that other major banks in Nigeria have yet to follow.
On Friday, Chidoka opened a personal account with the bank in a demonstration of solidarity with Sterling’s pioneering decision to abolish fees for local online transfers. This significant development follows the bank’s announcement on April 1st, which marked a first in Nigeria’s banking sector—Sterling became the first major financial institution to completely remove local transfer charges from its OneBank platform. While the announcement initially raised eyebrows and was met with skepticism, many believing it to be a marketing ploy, Sterling Bank quickly assured the public that this was a genuine initiative aimed at reducing financial burdens for Nigerians.
The bank’s decision to forgo billions of naira in potential revenue was a bold declaration that profit should not come at the expense of the people. In a social media post that quickly went viral, Chidoka expressed his admiration for the bank’s foresight, stating, “Sterling Bank did the math – and still chose the people. They gave up over billions in transfer charges just to give Nigerians breathing room.”
Demonstrating his unwavering support, Chidoka took the step of opening an account with Sterling Bank, describing it as a “statement of values” and a personal protest on behalf of the Nigerian public. His visit to the bank’s branch not only electrified the banking hall but also set social media alight, generating widespread conversation across the country.
During his visit, Chidoka commended the courage and innovation demonstrated by Sterling Bank, calling the initiative a much-needed intervention in a financial system that has for too long normalized the extraction of wealth from ordinary citizens. He pointed out that despite Nigerian banks consistently reporting record profits year after year, customers are still burdened with charges ranging from ten to fifty naira per transfer—fees that accumulate millions of times over, despite the relatively low cost of processing these transactions in a digital environment.
Chidoka argued that Sterling Bank had made a significant sacrifice, walking away from billions in annual transfer revenues, all to relieve the financial strain on its customers. The former minister’s comments underscored the need for other banks to follow Sterling’s lead, highlighting how the Nigerian banking system has often placed profit over fairness and customer satisfaction. By taking this stand, Sterling Bank has sparked a conversation about the true cost of banking in Nigeria and set a new standard for customer-first banking practices.
