Sterling Bank has taken a bold step in redefining customer-focused banking by announcing the removal of charges on all local online transactions conducted by its customers.
The announcement, made on April 1st, initially sparked debate, with many assuming it was an April Fools’ Day stunt. However, Sterling Bank has confirmed that the zero-transfer-fee policy is real and effective immediately.
With this move, Sterling Bank becomes the first major financial institution in Nigeria to challenge the long-standing practice of charging customers for digital transfers. The bank’s Growth Executive, Obinna Ukachukwu, emphasized that the decision aligns with the institution’s commitment to fairness and inclusivity.
“We believe access to your own money shouldn’t come with a penalty,” Ukachukwu stated. “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.”
Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This is expected to provide significant relief, especially for individuals and small business owners who rely on frequent digital transactions.
Sterling Bank has a track record of customer-first initiatives. During the COVID-19 pandemic, it provided supplementary payments to healthcare workers in public hospitals. The latest decision reinforces the bank’s reputation for prioritizing social impact and customer welfare.
The announcement has been met with widespread public approval, with social media users applauding the move and calling on other banks to follow suit. Messages celebrating the decision have gone viral, with some users sharing testimonies of successful fee-free transfers.
Sterling’s zero-fee policy is part of its broader strategy to enhance customer experience and promote ethical banking. The bank remains committed to its HEART strategy, focusing on investments in health, education, agriculture, renewable energy, and transportation.