We’re proud to lead this change. We hope it inspires others to think differently about what customers truly need from their banks.
Sterling Bank has announced that it will no longer collect any money for itself for any local online transactions that its customers conduct. This is a significant move that establishes a new standard for customer-focused banking in Nigeria. Sterling Bank spearheaded the abolition of bank transfer fees by major banks.
Many people initially believed that the statement, which was made on April 1st, was a marketing prank that was connected to April Fools’ Day.
Sterling, on the other hand, has stated unequivocally that this is not a publicity ploy; the policy of not charging any fees for transfers is in fact legitimate and will take effect immediately.
The issue of charging consumers for regular digital transfers is one that has become increasingly problematic as digital banking usage has increased. With this step, Sterling becomes the first major Nigerian bank to take a definite stance against the practice of charging customers for digital transfers.
Growth Executive leading the Consumer and Business Banking Directorate, Obinna Ukachukwu 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. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“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.”
Sterling customers will enjoy free transfers for local transactions made using the bank’s mobile app under the new policy.
“We’re proud to lead this change. We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values,” Ukachukwu added
About the Author
