Sterling Bank stops transfer fees for online transactions, urges other Banks to emulate

Sterling Bank has announced the elimination of transfer fees on all local online transactions, becoming the first major Nigerian bank to take this bold step in digital banking.

The bank confirmed this move in a press release on Tuesday, emphasizing its commitment to customer-centric banking. The zero-transfer-fee policy takes effect immediately, offering relief to individuals and small business owners who frequently make digital transactions.

Obinna Ukachukwu, Sterling Bank’s Growth Executive for Consumer and Business Banking, described the decision as a values-driven approach aimed at fostering fair and inclusive banking.

“We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu stated.

He further noted that while Sterling Bank may not yet be the largest bank in Nigeria, it remains the boldest in driving financial inclusion and supporting Nigerians beyond mere words.

This initiative is expected to set a new standard in the Nigerian banking sector, encouraging other financial institutions to reconsider transaction fees on digital banking services.