Sterling Bank Scraps Online Transfer Fees And Promises Refunds In Groundbreaking Move.
In a bold step that has sent ripples through the Nigerian banking sector, Sterling Bank has announced it will refund all customers charged transfer fees for online transactions made on 1 April 2025. The bank also confirmed that, effective immediately, it will no longer impose fees on online transfers for local transactions carried out via its mobile app, marking a significant win for customers.
The announcement, initially met with scepticism due to its timing on April Fools’ Day, has been verified as genuine by multiple sources, including statements from Sterling Bank itself. The lender clarified that any fees deducted from transactions between midnight and 8 a.m. on 1 April would be promptly refunded, putting to rest doubts about the policy’s legitimacy.
Sterling Bank’s decision makes it the first major Nigerian bank to eliminate transfer fees for digital transactions, a move hailed as a game-changer for individuals and small business owners who rely heavily on online banking. Typically, Nigerian banks charge fees ranging from ₦10 for transfers below ₦5,000 to ₦50 for those exceeding ₦50,000, alongside additional levies such as stamp duty and VAT. By scrapping these charges, Sterling is poised to save its customers significant sums, particularly those managing frequent transactions.
Obinna Ukachukwu, Sterling Bank’s Growth Executive for Consumer and Business Banking, described the initiative as a “values-driven” effort to prioritise customer needs. “We believe access to your own money shouldn’t come with a penalty,” he said. “This is more than a financial decision—it’s about redefining banking to put customers first.” Ukachukwu also hinted at the bank’s broader ambitions, adding, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. This is us backing Nigerians with more than words.”
The policy shift has sparked widespread approval across social media, with customers praising Sterling’s customer-centric approach. Many have called on rival banks to follow suit, amplifying pressure on the industry to rethink its fee structures. The move echoes Sterling’s previous efforts to support its community, such as providing supplementary payments to healthcare workers during the COVID-19 pandemic—a gesture that earned the bank considerable goodwill.
For customers like Ayooluwa Folarin, who reported being charged fees for early-morning transactions on 1 April, the promise of refunds offers immediate relief. Sterling Bank has assured affected users that reimbursements are already underway, reinforcing its commitment to transparency and fairness.
As digital banking continues to dominate in Nigeria, Sterling’s zero-fee initiative could set a new standard, challenging competitors to adapt or risk losing ground. For now, the bank’s customers are celebrating a rare victory—one that puts more money back in their pockets and signals a brighter, more inclusive future for banking in the country.
