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Sterling Bank has boldly announced that it will no longer charge customers for local online transfers.
The bank confirmed this decision on April 1, 2025, with many people initially thinking it was an April Fool’s joke.
However, according to a statement from the bank, it is entirely real, and the new policy is effective immediately.
Obinna Ukachukwu, the Growth Executive leading the Consumer and Business Banking Directorate, shared, “We believe access to your own money shouldn’t come with a penalty.”
This makes Sterling the first major Nigerian bank to stop charging for digital transactions, which has been a source of frustration for many customers.
Under the new policy, customers using Sterling’s mobile app will enjoy free transfers for all local transactions.
This could be a game-changer for individuals and small business owners who rely on frequent transfers, allowing them to save money.
Public reactions to the change have been largely positive, with many praising the bank for taking a stand.
In fact, Sterling Bank’s decision is now putting pressure on other banks to consider similar changes as customers push for lower fees.
According to experts, this could mark a shift in how banks approach digital banking fees in the future.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
