03
Apr
Apr
STERLING BANK ABOLISHES TRANSFER FEES FOR LOCAL ONLINE TRANSACTIONS
-
CapitalTimesNews / 1 week
- 0
- 2 min read
In a groundbreaking move, Sterling Bank has become the first major Nigerian bank to eliminate transfer fees for local online transactions. The announcement, made on April 1, was initially met with skepticism due to its coincidence with April Fools’ Day. However, the bank has confirmed that the new policy is genuine and effective immediately. Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate, stated, “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. 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 translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers. Ukachukwu added, “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.” The bank’s decision has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit. Ukachukwu noted, “We’re proud to lead this change. We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.” Sterling’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale. The move has also sparked discussions on social media platforms, with many users praising the bank’s decision and calling on other banks to follow suit.