How Sterling Bank Is Revolutionizing Transfers with Zero Fees

• Sterling Bank has eliminated fees for its customers' online transfers to other banks, signaling a strong message to competitors.
• Starting from April 1, 2025, the bank has announced that its customers can make online transfers without any charges.
• Experts say the move puts Sterling Bank as a champion and an advocate of zero charges in the banking industry

Pascal Oparada from UbiNews.ng has covered technology, energy, stocks, investments, and the economy for more than ten years.

In a groundbreaking step that establishes a fresh standard for customer-focused banking in Nigeria, Sterling Bank is leading the charge to eliminate bank transfer fees among major financial institutions.

The bank announced that it will no longer take money for any local online transactions by its customers.

Nigerians debate Sterling Bank’s action

The announcement on April 1, 2025, sparked debate among industry watchers, with many saying it was an April Fools’ Day prank on the banking populace.

Sterling Bank verified the claim, stating that the zero transfer fee is indeed valid and has been implemented right away.

Several accounts indicated that the bank proposed reimbursing clients who had been incorrectly billed prior to the public statement.

Sterling Bank has emerged as the first Nigerian commercial bank to take a stance against exploiting customers under the pretense of online transactions, addressing a controversial matter as online banking expands in Nigeria.

The bank said customers having access to their money should not come at a cost.

Sterling Bank pledges commitment to customers

Obinna Ukachukwu, Sterling Bank’s Growth Executive at the Consumer and Business Banking, said the move is more than a financial decision.

He stated that it is guided by values, showcasing its dedication to ensuring banking practices are equitable, inclusive, and focused on customers.

Ukachukwu recognized Sterling Bank's role in the financial industry; however, he stated that the financial institution remains undaunted and has faith in Nigeria's future. They are committed to supporting Nigerians through concrete actions.

He said:

With the introduction of this new policy, Sterling customers can now benefit from complimentary transfers for all domestic transactions carried out through the bank’s mobile application. This change represents considerable cost reductions, especially for those making numerous everyday transfers, such as individual users and newly established entrepreneurs.

As reported by ThisDay, he said that the bank demonstrated its customer-focused approach during the COVID-19 pandemic by offering additional payments to healthcare workers in public hospitals.

Financial analysts commend Sterling Bank

Financial analysts have praised Sterling Bank’s courageous move, indicating that this action conveys a strong signal to other players in the industry that survival depends on more than just fees.

Janet Ogochukwu, who holds expertise as both a senior banker and an economist, stated that the bank's action represents a brilliant marketing strategy which should be emulated by other financial institutions.

Recently, Sterling Bank has been at the forefront of taking decisive actions. Do you recall the 'bank wars' from a few years back? That was when Sterling Bank initiated things by sending a gentle jab to its competitors.

"The present strategy is a brilliant marketing coup by Sterling Bank that will significantly impact its balance sheet once the outcomes are published," she stated.

The financial analyst Ishaya Ibrahim commented that Sterling Bank’s action is impressive and designed to align with the preferences of the banking community.

The bank has conveyed a strong signal to the major players in the sector. It wouldn’t shock me if individuals start setting up new accounts with them.

When examining Nigerian banking behaviors, it becomes apparent that customers favor banks with lower fees and appreciate institutions that provide hassle-free services.

"That has led to the remarkable expansion of mobile money operators, who often charge minimal fees or none at all for transfers," Ibrahim stated.

Sterling Bank plans to distribute N5 billion among businesses.

Previously, UbiNews.ng reported that the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) collaborated with Sterling Bank to launch Databanc, an innovative new platform.

The portal will serve as the sole provider of data regarding Nigerian businesses, allowing stakeholders to offer customized support and initiatives for the MSME sector.

The platform is anticipated to provide SMEDAN with crucial information that can be utilized in executing its role concerning policy development, implementing support programs, and engaging in activities like financing, which aid in the growth of small businesses across Nigeria.