Sterling Bank has announced the removal of transfer fees on all local online transactions, making it the first major Nigerian bank to eliminate these charges for digital banking. The policy, which took effect immediately, was confirmed by the bank in a press release on Tuesday.
In the statement, Sterling Bank emphasized its commitment to customer-centric banking and stated that the zero-transfer-fee policy is not just a financial decision but a values-driven approach aimed at fostering fairness and inclusivity in banking.
Obinna Ukachukwu, the bank’s Growth Executive in charge of Consumer and Business Banking, explained, “We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision it’s about redefining banking to put customers first.”
Under the new policy, customers of Sterling Bank will no longer incur charges for local transfers conducted via the bank’s mobile app. This move is expected to provide significant relief to individuals and small business owners who regularly carry out online transactions.
Ukachukwu further highlighted that the bank’s decision goes beyond just a competitive strategy. “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,” he said.
The decision has been welcomed as a progressive step in making banking services more accessible and affordable to the Nigerian public.
