Sterling Bank has officially eliminated charges on all local digital transactions, becoming the first major Nigerian bank to take such a bold step. The announcement, made on April 1, initially sparked skepticism, with many dismissing it as an April Fools’ Day prank. However, the bank has since reaffirmed its commitment to making financial transactions more accessible and affordable for its customers.
This development comes at a time when concerns over rising bank charges for digital transactions continue to grow. Currently, Nigerian bank users face multiple deductions on interbank transfers, excluding the Electronic Money Transfer Levy (EMTL) mandated by the federal government. With this policy shift, Sterling Bank has positioned itself at the forefront of customer-focused banking by abolishing online transfer fees.
Speaking on the initiative, Obinna Ukachukwu, the Growth Executive leading the Consumer and Business Banking Directorate at Sterling Bank, emphasized that the decision was driven by the bank’s commitment to its customers. “We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision; it’s a values-based one,” he stated.
Under the new policy, customers will enjoy free transfers for all local transactions conducted through Sterling Bank’s mobile application. This move is expected to provide significant financial relief, particularly for small business owners and individuals who rely on frequent digital transfers for their daily transactions.
Ukachukwu further highlighted the bank’s vision, stating, “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.”
Sterling Bank has consistently demonstrated a customer-first approach in its operations. During the COVID-19 pandemic, the bank provided financial assistance to frontline healthcare workers, reinforcing its commitment to social responsibility. The decision to remove transfer fees aligns with this history of prioritizing customer welfare.
The announcement has been met with widespread public approval, sparking conversations across social media platforms. Many Nigerians have applauded the initiative, with growing calls for other banks to follow suit and ease the financial burden on customers.
“We’re proud to lead this change,” Ukachukwu concluded. “We hope it inspires others to think differently about what customers truly need from their banks—not just in services, but in values.”
With this groundbreaking move, Sterling Bank has set a new standard in the Nigerian banking sector, potentially reshaping industry practices and expectations in digital banking services.
