Nigerian Bank Scraps Transfer Fees for Local Transactions

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The Chief Executive Officer of Sterling Bank, Abubakar Suleiman, has called on other lenders in Nigeria to join the bank’s decision to cancel bank transfer fees, aiming to improve the banking experience for Nigerians. Suleiman made this appeal at a press conference in Lagos, stating, “This is not a gimmick. This is the future. And it starts now. For years, Nigerians have paid fees just to move their own money. We’re saying no more.”

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The decision to cancel transfer fees follows the bank’s digital transformation, which included building a custom callback system, migrating to a homegrown platform, and deploying a private cloud environment. Suleiman explained, “We’ve engineered a platform that can support 50 times our current customer base without breaking a sweat. It’s time to pass the benefits of that transformation back to the people.”

Suleiman urged other banks to follow suit, saying, “This is fundamental; we are hoping that, because we’ve done this, because we’ve taken the courage to do this, other institutions might also want to follow. I believe Nigerian banks can remove these fees and still deliver excellent profits. I will know this because we are going to prove it.

The bank’s Growth Executive, Retail, Consumer and Business Banking Directorate, Obinna Ukachukwu, also emphasized the need for other banks to join in removing transfer fees. “Taking out the fees is not the end of it. We care more about the people of Nigeria. We care more about the country. We care more about the system entirely, the industry. So, we want the industry to increasingly move along this path that we’ve moved.”

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

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