Sterling Bank has announced the removal of transfer fees on all local online transactions, becoming the first major Nigerian bank to implement such a policy.
Gatekeepers News reports that this decision, confirmed in a press release on Tuesday, demonstrates the bank’s commitment to customer-centric banking and takes effect immediately.
The removal of transfer fees is expected to provide significant relief to individuals and small business owners who engage in frequent transactions.
Obinna Ukachukwu, the bank’s Growth Executive overseeing Consumer and Business Banking, characterized this move as a values-driven initiative aimed at promoting fair and inclusive banking practices.
“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,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “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.”
