Sterling Bank Abolishes Transfer Fees, Urges Industry-Wide Adoption

In a significant move within Nigeria's banking sector, Sterling Bank has announced the elimination of transfer fees on all local digital transactions, positioning itself as the first major Nigerian bank to implement such a policy. The announcement, made on April 1, 2025, was initially met with skepticism due to its timing on April Fools' Day. However, Sterling Bank has since confirmed the authenticity of this initiative, emphasizing its commitment to enhancing customer experience and promoting financial inclusivity. ​

Obinna Ukachukwu, Sterling Bank's Growth Executive leading the Consumer and Business Banking Directorate, stated, "We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision; it’s a values-based one." He further highlighted that the removal of transfer fees is aimed at providing substantial savings for individuals and small business owners who rely heavily on digital transactions. ​

In addition to implementing this customer-centric policy, Sterling Bank has openly challenged other financial institutions, including United Bank for Africa (UBA) and First Bank, to follow suit. In a bold statement on social media platform X (formerly Twitter), the bank declared, "NIGERIANS ARE NO FOOLS! Enough Is Enough. No more quiet suffering. We're doing our part by cancelling Transfer Fees. Let the other banks copy." 

This initiative has garnered widespread attention and sparked discussions about the potential for industry-wide changes in fee structures. Customers and industry observers are now keenly watching to see if other banks will respond to Sterling Bank's challenge and reconsider their own transfer fee policies.