Sterling Bank has officially announced the removal of all transaction fees for local electronic transfers, providing relief to customers who have long faced high banking charges.
This significant change, which took effect on April 1, 2025, has already led to a notable increase in account openings, as Nigerians rush to take advantage of the bank’s customer-friendly policy.
Initially met with skepticism by some, the announcement has now been confirmed by the bank, which assured that the no-charge policy is genuine and applies across all digital platforms. Sterling Bank is now offering free transactions on its mobile app, online transfers, interbank transfers, and even ATM card issuance, making it the first major Nigerian bank to eliminate transaction fees entirely.
“We are putting an end to the practice of quietly extracting fees from Nigerians,” the bank stated on social media. “Sterling Bank is leading the charge to make banking more accessible and affordable for the people. No more hidden fees. No more digital oppression. It’s time to let Nigerians breathe.”
Former Aviation Minister Chief Osita Chidoka, a long-time advocate for banking reform, was one of the first public figures to support the bank’s bold initiative. After expressing his excitement on social media, Chidoka visited Sterling Bank’s headquarters in Abuja to open a personal account, calling his action a symbolic protest against the exploitation of Nigerians by banks.
“Sterling Bank has proven that you can run a profitable, tech-driven bank without overcharging customers. This is a statement of values,” Chidoka shared in his post. “I urge every Nigerian to make their money stand for fairness, transparency, and innovation by opening an account with Sterling Bank. Let’s make #OpenSterlingAcct Day a reality.”
This move comes at a time when Nigerians are increasingly dissatisfied with high banking fees imposed by other institutions. Many customers have expressed their frustration on social media, and recent data reveals that Nigerian banks earn over N922.5 billion annually from transaction fees, which many view as exploitative.
In addition to the removal of transaction fees, Sterling Bank has pledged to invest in technology and customer service to enhance the banking experience. This initiative has been widely praised as a step forward in making banking more transparent and customer-centric.
Dr. Joe Abah, a prominent Nigerian public figure, also commended the bank for its decision, stating, “Well done to Sterling Bank for removing these unconscionable and indefensible transfer fees. This is a victory for Nigerians who have long suffered from high banking costs.”
While the bank estimates it will lose about N13 billion in revenue due to the removal of transaction fees, many experts believe that the influx of new customers will more than compensate for this loss over time.
With Sterling Bank’s customer base growing rapidly, this move is expected to disrupt the banking industry and put pressure on other institutions to follow suit, making banking more affordable and transparent for Nigerians.
