On April 1, 2025, Sterling Bank made headlines by announcing on Twitter its decision to eliminate transfer fees on all local online transactions. This groundbreaking move is poised to redefine the banking landscape in Nigeria, setting a new standard for customer-friendly practices in the financial sector.
A Revolutionary Announcement on Social Media
Sterling Bank first broke the news via its official Twitter handle on April 1, 2025, generating significant buzz across social media platforms. The bank’s tweet quickly went viral, with customers and industry experts applauding the initiative. With a clear message that “access to your own money shouldn’t come with a penalty,” the bank underscored its commitment to putting customers first.
Key Details of the Fee Waiver
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Elimination of Transfer Fees:
Sterling Bank has removed fees on all local online transfers conducted through its mobile app. This means that customers can now send money without incurring additional charges, making everyday transactions more affordable and stress-free. -
Customer-Centric Approach:
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” stated Obinna Ukachukwu, Growth Executive for Consumer and Business Banking. His remarks emphasize that the decision goes beyond competitive strategy—it is a values-driven move designed to ensure fair and inclusive banking. -
Industry Impact and Public Reaction:
The decision has sparked widespread public approval and a positive response on social media. Many customers have taken to platforms like Twitter and Instagram to share their excitement and praise the bank for challenging long-standing industry norms.
Historical Context and Consistent Customer Support
Sterling Bank is no stranger to fee waivers. In early 2023, the bank suspended transaction fees amid a naira scarcity crisis to ease the financial burden on its customers. This recent announcement builds on that legacy, further solidifying Sterling Bank’s reputation as a customer-centric institution that continually adapts to meet its clients’ needs.
What This Means for Nigerian Banking
By removing transfer fees, Sterling Bank is setting a precedent that could drive change across the Nigerian banking sector. This initiative not only benefits individual account holders and small business owners but also pressures other financial institutions to reconsider their fee structures. As competition intensifies, customers can expect more transparent and cost-effective banking services across the board.
Looking Ahead
Sterling Bank’s decision to eliminate transfer fees is a strategic move aimed at enhancing customer satisfaction and fostering financial inclusion. As more banks watch closely, this bold step could mark the beginning of a broader shift towards fee-free digital banking in Nigeria.
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