Sterling Bank has announced the removal of transfer fees on all local internet transactions, making it the first major Nigerian bank to do so.
The bank announced the move in a press release issued on Tuesday.
The bank confirmed its commitment to customer-centric banking, stating that the zero-transfer-fee policy is real and will take effect immediately.
Obinna Ukachukwu, the bank’s Growth Executive in Charge of Consumer and Business Banking, described the decision as a values-driven approach to ensuring fair and inclusive banking practices.
“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,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”