Ex-minister makes interesting move to Sterling Bank's cancellation of transfer charges

• Ex-aviation curate Osita Chidoka announced helium volition unfastened an relationship with Sterling Bank to enactment its determination to destruct transportation fees
• He praised the slope for prioritizing customers' involvement implicit profits by giving up N13.56 cardinal successful yearly transportation charges
• Chidoka besides challenged different banks to travel Sterling’s illustration and called connected Nigerians to take banks that prioritize lawsuit welfare

Legit.ng writer Victor Enengedi has implicit a decade's acquisition covering Energy, MSMEs, Technology, Tech, Banking and the Economy.

Former Aviation Minister, Osita Chidoka, has said helium volition unfastened an relationship with Sterling Bank to enactment its determination to region transfer fees, which helium sees arsenic a measurement against unfair banking charges.

Sterling Bank amazed galore Nigerians connected April 1, 2025, by announcing that it would nary longer complaint fees for interbank transfers, mobile and app transactions, and ATM paper issuance.

The slope said the determination was meant to easiness fiscal burdens connected Nigerians and encouraged different banks to bash the same. This comes arsenic concerns turn implicit precocious banking fees, which galore spot arsenic unfair.

Ex-minister applauds Sterling Bank for scrapping transportation fees, woos different banks to bash same
Source: UGC

In a connection connected Thursday, Chidoka praised the move, saying the slope prioritized radical implicit profits by giving up an estimated N13.56 cardinal successful yearly transportation fees, which marque up 4.13% of its full revenue.

“They walked distant from N13.56 cardinal successful transportation charges—4.13 per cent of their full revenue—to springiness Nigerians breathing room,” helium said. “Other banks could, too—but they won’t.”

The erstwhile curate compared Sterling Bank’s determination to different large banks that inactive complaint transportation fees, noting that Zenith Bank, GTCO, UBA, and First Bank made a full of N186 cardinal from these fees successful 2024.

Mr. Chidoka claimed that the N186 cardinal earned from transportation fees is astir 60% of Yobe State’s full fund and is higher than the combined national backing allocated to six universities—UNN, ABU, UI, OAU, UNICAL, and UNILAG —in the 2025 budget.

He claimed that eliminating transportation fees would person small interaction connected the net of large banks.

He said:

“GTCO: N15.47 cardinal from transportation charges—just 1.22 per cent of revenue. UBA: N48.36 billion—1.52 per cent. Zenith Bank: N80.05 billion—2.02 per cent. First Bank: N42.55 billion—1.41 per cent. These aren’t make-or-break figures for immoderate of them. They’re conscionable comfy profits from charging mean Nigerians N10 to N50 per transfer—millions of times over.”

Mr. Chidoka urged Nigerians to rethink their prime of banks, highlighting the request to enactment institutions that prioritize customers.

His run reflects increasing nationalist vexation with the banking sector, arsenic rising ostentation and economical hardship proceed to trim people’s disposable income.

Through his initiative, which helium calls #OpenSterlingAcct Day, helium hopes to promote Nigerians to unfastened accounts with banks that region unnecessary fees.

He besides challenged different banks to travel Sterling Bank’s example, pointing retired that transportation fees marque up lone a tiny information of their full earnings.

Sterling Bank’s determination has sparked caller statement online astir the fairness of slope charges successful Nigeria, with galore urging the Central Bank of Nigeria and different regulators to instrumentality action.

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Source: Legit.ng