Sterling Bank has announced the removal of transfer fees on all local online transactions, making it the first major Nigerian bank to abolish these widely debated charges for digital banking.
The decision was confirmed in a statement, with the bank reaffirming its dedication to a customer-first approach.
According to Obinna Ukachukwu, the bank’s Growth Executive for Consumer and Business Banking, the zero-transfer-fee policy is a values-driven initiative designed to promote fair and inclusive banking.
“We believe that accessing your own money should not come with a penalty,” Ukachukwu stated.
He added: “This goes beyond a financial decision—it’s about reshaping banking to prioritise customers.”
The initiative is expected to offer substantial relief to individuals and small business owners who frequently carry out transactions.
Ukachukwu further stressed that the bank’s decision is about more than just a competitive edge, stating: “We’re not yet the largest bank in Nigeria, but we have been the boldest.
Sterling wholeheartedly believes in Nigeria’s future, and this is our way of supporting Nigerians with actions, not just words.”