- Sterling Bank cancelled fees on local online transfers
- The announcement was first made on X and had many users assume it was part of ‘April Fool' prank
- Sterling Bank said the decision was values-driven and not a marketing prank
Nigeria’s Tier-2 commercial bank, Sterling Bank, has cancelled fees for any local online transactions carried out by customers on its mobile app or interbank.
The bank also announced that Automated Teller Machine (ATM) card issuance is 100 per cent free.
The announcement was first made on the bank’s X page on Tuesday, April 1, sparking arguments among Nigerians, with many saying it was a marketing prank tied to ‘April Fool.’
In the X post, Sterling Bank said it was doing its part to reduce the suffering of Nigerians and called on other banks to follow in its steps.
“Nigerians are no fools! Enough is enough. No more quite suffering.
“We’re doing our part by cancelling transfer fees, let the other banks copy. #KontriTooHard #NotAprilFools #SterlingCares
“That’s right! As of today, Sterling Bank will NOT take any money for itself for: Mobile app, online –100% free! Interbank transfers – zero fees! ATM card issuance –100% free!” the bank posted.
In a statement on Tuesday, April 1, Sterling Bank confirmed that it is not a marketing stunt, adding that the zero transfer fee policy was real and effective immediately.
The move stands Sterling out as the first major Nigerian bank to stand against the history-long practice of charging customers for everyday digital transfers.
Online transfer fees cancellation is values-driven – Sterling Bank
Sterling Bank’s Growth Executive leading the Consumer and Business Banking Directorate, Obinna Ukachukwu, said the cancellation of online transfer fees reflects the bank’s customer-centric approach to banking.
“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.
“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.
“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,” Ukachukwu said.
Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted through the bank’s mobile app.
This translates into huge savings, particularly for individuals and small business owners who make frequent daily transfers.
Sterling bank’s latest move has been met with widespread public approval, sparking positive
reactions across social media even as Nigerians are calling on other banks to follow suit.
Sterling Bank increases salaries of over 3,000 employees, entry-level earns N528,000 monthly
Meanwhile, TheRadar earlier reported that Sterling Bank increased salaries of over 3,000 employees by over 35 per cent across several roles.
The increase means that the bank’s entry-level staff now earn N528,000 net monthly, an increase from around N320,000 previously.
