In an extraordinary move which sets a new benchmark for customer-centric banking in Nigeria, Sterling Bank is championing the removal of bank transfer charges by major banks.

The bank announced that it will no longer take money for any local online transactions by its customers.

Nigerians debate Sterling Bank’s action

The announcement on April 1, 2025, sparked debate among industry watchers, with many saying it was an April Fools’ Day prank on the banking populace.

Sterling Bank, however, confirmed the statement, saying the zero transfer fee is real and begins immediately.

Some reports even said the bank offered to refund customers who were wrongly charged before the announcement.

Sterling Bank has become the first Nigerian commercial bank to stand against the practice of ripping customers off in the guise of online transfers, an issue that has been contentious as online banking grows in Nigeria.

The bank said customers having access to their money should not come at a cost.

Sterling Bank pledges commitment to customers

Obinna Ukachukwu, Sterling Bank’s Growth Executive at the Consumer and Business Banking, said the move is more than a financial decision.

He said it is a value-based one, reflecting its commitment to making banking fair, inclusive and customer-centric.

Ukachukwu acknowledged Sterling Bank’s position in the financial sector, but said that financial institution is fearless and believes in the future of Nigeria and supporting Nigerians with actions.

He said:

“Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.”

According to him, the bank’s-customer orientation showed during the COVID-19 pandement when it provided supplementary payments to healthcare workers in public hospitals, ThisDay reports.

Financial experts praise Sterling Bank

Financial experts have applauded Sterling Bank’s bold initiative, saying that it has sent a clear message to others in the sector that it requires more than charges to survive.

Janet Ogochukwu, a senior banker and economist, said the bank’s move is a marketing masterstroke that needs to be replicated by other banks.

“Sterling Bank has continued to champion bold moves recently. If you remember the ‘bank wars’ a few years ago, Sterling Bank started it when it sent a subtle dart to the competition.

The current move is a marketing masterstroke by Sterling Bank, which will reflect robustly on its balance sheet when the results are out,” she said.

Financial analyst, Ishaya Ibrahim, said the move by Sterling Bank is a steller one, aimed at putting it on the good side of the banking population.

“The bank has sent a clear message to the big guys in the industry. I will not be surprised if people begin to open new accounts with the bank.

If you look Nigerians’ banking behaviours, you will notice that they prefer less charges and patronise institutions that give them less hassles.

“That has accounted for the phenomenal growth of mobile money operators, which charge less or nothing for transfers,” Ibrahim said.