Sterling initiates zero-transfer fee policy

-Urges other banks to adopt a similar policy.

Sterling bank Plc, a commercial bank in Nigeria has announced a cancellation of bank transfer fee for online transaction.

This was disclosed in a statement on April 1, 2025 but sparked widespread debate with many wondering if it was the popular April Fool’s Day prank.

However, in a statement released yesterday, April 2, 2025, the bank confirmed that its zero-bank transfer fee policy is real and would take effect immediately, noting that customers would no longer be charged for transactions conducted via its mobile app, online banking, inter-bank transfers or ATM card issuance.

As digital banking adoption deepens, Sterling has reaffirmed its commitment to becoming the first financial institution to take a definite stand against the long-standing practice if charging customers for everyday digital transactions.

In a statement released on its official X handle, the bank stated, “That’s right. As of today, Sterling Bank will not take any money for itself for mobile app transactions (100 per cent free), Online banking transfers (zero fees), Interbank transfers (zero fees) and ATM Card Issuance (100 per cent free). We stand by our word – no pranks, just facts. Sterling delivers, today and always, with zero transfer charges.”

Obinna Ukachukwu, the Growth Executive leading Sterling Bank’s Consumer and Business Banking Directorate stated that the elimination resonates with Nigerian consumers who have voiced their dissatisfaction to high banking services.

“We believe customers’ access to their own money shouldn’t come with a penalty. Under this new policy, Sterling customers will enjoy free transfers for all local transactions conducted via our mobile app,” Ukachukwu said.

He further added that the move would lead to more savings, particularly for individuals and small business owners who conduct frequent daily transfers.

Sterling, however, directly charged industry giants such as First Bank of Nigeria, Fidelity Bank, Access Bank, Guaranty Trust Bank (GTCO), Stanbic IBTC, and United Bank for Africa (UBA) to implement similar measures.

“Enough is enough. No more quiet suffering. We’re doing our part by canceling transfer fees. Let other banks follow suit —Guaranty Trust Bank (GTCO), First Bank of Nigeria, Fidelity Bank, Access Bank, Stanbic IBTC and United Bank for Africa (UBA),” the bank declared.

Meanwhile, some customers of GTBank claimed that the bank as at yesterday refunded excess SMS charges previously deducted.