Sterling Bank discontinues transfer fees on transactions

Sterling Bank discontinues transfer fees on transactions

Sterling Bank has announced the removal of transfer fees on all local online transactions, becoming the first major Nigerian bank to eliminate the contentious charges for digital banking.

The move was confirmed by the bank on Tuesday in a press release.

The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.

The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.

“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.

The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.

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.”