- Sterling Bank has removed all charges on domestic electronic transactions.
- The fee-free policy aims to provide financial relief to customers facing high banking fees.
- This initiative will take effect on April 1, 2025.
In a bold and customer-focused move, Sterling Bank has eliminated all charges on domestic electronic transactions, offering significant financial relief to its customers who have long struggled with hefty banking fees.
Effective from April 1, 2025, the bank’s fee-free policy has sparked a surge in new account openings, as Nigerians rush to take advantage of this game-changing initiative.
Though some initially questioned the authenticity of the announcement, Sterling Bank has since confirmed that the zero-charge policy is real and covers all its digital banking platforms.
The bank now offers completely free services on its mobile app, online banking, interbank transfers, and even ATM card issuance—making it the first major bank in Nigeria to waive all electronic transaction fees.
In a social media statement, the bank emphasized its mission: “We’re ending the silent drain on Nigerians’ wallets. Sterling Bank is committed to fair, transparent, and accessible banking. Say goodbye to hidden charges and digital exploitation.”
Among the initiative’s early supporters is former Aviation Minister Chief Osita Chidoka, a long-time advocate for reform in Nigeria’s financial sector. Chidoka not only praised the bank’s move online but also visited Sterling Bank’s Abuja branch to open a personal account—an act he described as a symbolic stand against exploitative banking practices.
“Sterling Bank has demonstrated that it’s possible to run a profitable, tech-driven institution without burdening customers,” Chidoka wrote. “I call on every Nigerian to back this value-driven model by opening an account with Sterling. Let’s turn #OpenSterlingAcct Day into a movement.”
The announcement comes amid widespread frustration over rising banking fees, with social media platforms buzzing with complaints from customers of other banks. Industry reports show that Nigerian banks collectively earn over ₦922.5 billion annually from transaction fees, a practice many deem predatory.
Sterling Bank has also promised further investment in its technology and customer service infrastructure, aiming to create a seamless and user-friendly experience for clients.
Public figures like Dr. Joe Abah have also commended the move. “Kudos to Sterling Bank for scrapping these indefensible fees. This is a real win for Nigerians,” he noted.
Although the bank anticipates a revenue loss of around ₦13 billion from eliminating these charges, financial analysts suggest the resulting increase in customer acquisition could offset the loss over time.
As Sterling Bank gains momentum and wins public trust, its disruptive strategy is expected to pressure competing banks to reconsider their fee structures—possibly heralding a new era of fairer banking in Nigeria.
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