Nigerian bank removes transfer fees on online transactions

Sterling Bank has made a groundbreaking move by eliminating transfer fees on all local online transactions, becoming the first major Nigerian bank to do so.

This bold step was confirmed in a statement released on Tuesday, with the bank reaffirming its commitment to customer-centric banking.

Obinna Ukachukwu, Sterling Bank’s Growth Executive for Consumer and Business Banking, explained that the decision to remove transfer fees is part of a values-driven approach to ensure banking remains fair and inclusive for all customers.

“We believe access to your own money shouldn’t come with a penalty,” Ukachukwu stated.

He added: “This is more than a financial decision—it’s about redefining banking to put customers first.”

The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.

Ukachukwu further emphasised that the bank’s decision is about more than just competitive strategy, stating:“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.”