Sterling Bank has made a groundbreaking move by scrapping transfer fees on all local online transactions, positioning itself as the first major Nigerian bank to abolish these widely criticized charges in digital banking. The decision was unveiled on Tuesday through a statement that underscored the bank’s dedication to customer-focused services.

Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, described the zero-fee policy as a principled step toward equitable and accessible banking. “We believe access to your own money shouldn’t come with a penalty,” he said, adding, “This is more than a financial decision—it’s about redefining banking to prioritize customers.”

The policy is poised to ease the burden on individuals and small business owners who rely heavily on frequent transactions. Ukachukwu stressed that the move transcends mere competition: “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. Sterling fearlessly believes in Nigeria’s future, and this is us supporting Nigerians with action, not just words.”