No More Fees: Sterling Bank Drops Charges on All Online Transfers

Sterling Bank has officially removed all charges on local online transfers. Sterling Bank is Nigeria’s first major bank to adopt a zero-transfer fee regime. The statement was released on Monday after they received a lot of complaints about the current charging structure and various inconveniences from customers.

Sterling Bank announced the change on Tuesday April 1, 2025 as part of a major effort to reinvent customer-centric banking. The announcement received widespread apprehension with many suspecting that their bank was taking a joke.

Unfortunately, the statement was quickly clarified as they had no intentions of being funny. “As a company, the focus of the change is not just the financial aspect; it is the values, and as such, we decided to make it a major change through a fundamental rethinking of where our banking services need to go, ” said Obinna Ukachukwu, Growth Executive Consumer and Business Banking, in a statement.

Sterling bank removes charges on all online transfers

Under this new policy, Sterling Bank customers can now receive free transfers for all local transactions that can be processed through its mobile app. This new move is expected to provide greater relief to individuals and small business owners who rely on digital transactions for many of their day-to-day tasks. By eliminating the transfer fees, Sterling Bank will help customers save money, while encouraging use of digital banking.

Sterling Bank is now offering no transaction fees for any online transfers. What’s more surprising, since transaction fees in Nigeria are a common feature of our economy, is that the bank doesn’t have the usual one. For example, banks usually charge a fee of 10 if you wire money below 5, 000. But, you still stand to earn 50 if you send money over 50, 000. Another disadvantage of this kind of transfer fees is that customers often pay stamp duty and VAT when making a transfer. That being said, Sterling Bank is making online transfers entirely free.

This move is also a reflection of Sterling Bank’s commitment to innovation and customer satisfaction, ” Ukachukwu said. “Yes, we are not the biggest bank in Nigeria now but we want to be the boldest by taking bold decisions that will bring the needs of customers to priority rather than profit margins. “Sterling boldly believes in the future of Nigeria, this is the bank behind Nigerians with more than words,” he added.

The announcement of zero-transfer fees has been welcomed by the public. On social media we have heard people echo this sentiment. It’s a good call for all other banks in the country to follow suit and cut transaction costs for their customers. By leading this change, Sterling Bank has also developed a reputation both as a trusted financial partner and a business in an innovative way.

Sterling Bank charges on all online transfers are now a thing of the past, marking a significant shift in how banking services are delivered in Nigeria. The bank’s decision aligns with its broader strategy to make banking more accessible, transparent, and ethical. As digital banking continues to grow in popularity, Sterling Bank’s move is expected to encourage other financial institutions to rethink their policies and focus on customer-centric solutions.

Sterling Bank has also waived transfer fees for its customers who will be issued free ATM cards in recognition of their positive impact in the banking sector. With these tokens of its positive contribution towards improving the lives of Nigerians, Sterling Bank remains on the cutting edge of innovative and pioneering banking solutions in Nigeria.

Sterling Bank removing charges from all online transfer of its clients, undoubtedly will revolutionize the banking landscape in Nigeria and bring relief to both consumers and businesses.

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