Sterling Bank has made a groundbreaking move by announcing the elimination of transfer fees on all local online transactions, a first among major Nigerian banks. This decision underscores the bank’s commitment to customer-centric banking, as reaffirmed in a statement released on Tuesday. The new policy is expected to take effect immediately, allowing customers to transfer funds seamlessly and without incurring additional costs.
According to Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank, the new zero-transfer-fee policy is driven by a values-based approach that prioritises fair and inclusive banking. “We believe access to your own money shouldn’t come with a penalty,” Ukachukwu emphasised. “Our customers are at the heart of everything we do, and this move is a testament to our dedication to providing them with the best possible banking experience.
He further added, “This is more than a financial decision—it’s about redefining banking to put customers first.” This initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions, saving them money and reducing the hassle associated with online banking.
Ukachukwu stressed that the bank’s decision goes beyond competitive strategy, stating, “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.” By taking this bold step, Sterling Bank aims to set a new standard for customer-centric banking in Nigeria.
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