Sterling Bank Plc has announced the removal of transfer fees for online transactions, urging other financial institutions to follow suit. The bank confirmed in a statement that its zero-transfer-fee policy is genuine and took effect immediately.
Under the new policy, Sterling customers will no longer pay charges for transactions conducted via its mobile app, online banking, interbank transfers, or ATM card issuance. The announcement, made on April 1, initially sparked speculation that it was an April Fools’ prank. However, Sterling reaffirmed its commitment, positioning itself as the first bank to eliminate these fees as digital banking adoption grows.
The bank directly challenged industry giants, including Guaranty Trust Bank (GTCO), First Bank of Nigeria, Fidelity Bank, Access Bank, Stanbic IBTC, and United Bank for Africa (UBA), to take similar steps. It declared, “Enough is enough. No more quiet suffering. We’re canceling transfer fees, and we urge others to do the same.”
Obinna Ukachukwu, Sterling Bank’s Growth Executive for Consumer and Business Banking, emphasized that the move is about more than finance—it represents a commitment to fairness, inclusivity, and a customer-first approach. He noted that the decision would particularly benefit individuals and small business owners who make frequent transactions.
Meanwhile, some customers of GTBank reported that the bank refunded excess SMS charges deducted from their accounts.
