How Sterling Bank is leading the charge on zero transfer fees

• Sterling Bank has removed charges connected online transfers by its customers to different banks, sending a wide connection to others
• The slope said opening April 1, 2025, online transfers by its customers volition travel astatine zero cost
• Experts accidental the determination puts Sterling Bank arsenic a champion and an advocator of zero charges successful the banking industry

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

In an bonzer determination which sets a caller benchmark for customer-centric banking successful Nigeria, Sterling Bank is championing the removal of bank transportation charges by large banks.

The slope announced that it volition nary longer instrumentality money for immoderate section online transactions by its customers.

Sterling Bank CEO, Abubakar Suleiman, leads the slope connected a way to profit. Credit: Sterling Bank
Source: Facebook

Nigerians statement Sterling Bank’s action

The announcement connected April 1, 2025, sparked statement among industry watchers, with galore saying it was an April Fools’ Day prank connected the banking populace.

Sterling Bank, however, confirmed the statement, saying the zero transportation interest is existent and begins immediately.

Some reports adjacent said the slope offered to refund customers who were wrongly charged earlier the announcement.

Sterling Bank has go the archetypal Nigerian commercialized slope to basal against the signifier of ripping customers disconnected successful the guise of online transfers, an contented that has been contentious arsenic online banking grows successful Nigeria.

The slope said customers having entree to their wealth should not travel astatine a cost.

Sterling Bank pledges committedness to customers

Obinna Ukachukwu, Sterling Bank’s Growth Executive astatine the Consumer and Business Banking, said the determination is much than a fiscal decision.

He said it is simply a value-based one, reflecting its committedness to making banking fair, inclusive and customer-centric.

Ukachukwu acknowledged Sterling Bank’s presumption successful the fiscal sector, but said that fiscal instauration is fearless and believes successful the aboriginal of Nigeria and supporting Nigerians with actions.

He said:

“Under the caller policy, Sterling customers volition bask escaped transfers for each section transactions conducted via the bank’s mobile app. This translates into important savings, peculiarly for individuals and caller tiny concern owners who marque predominant regular transfers.”

According to him, the bank’s-customer predisposition showed during the COVID-19 pandement erstwhile it provided supplementary payments to healthcare workers successful nationalist hospitals, ThisDay reports.

Financial experts praise Sterling Bank

Financial experts person applauded Sterling Bank’s bold initiative, saying that it has sent a wide connection to others successful the assemblage that it requires much than charges to survive.

Janet Ogochukwu, a elder banker and economist, said the bank’s determination is simply a selling masterstroke that needs to beryllium replicated by different banks.

“Sterling Bank has continued to champion bold moves recently. If you retrieve the ‘bank wars’ a fewer years ago, Sterling Bank started it erstwhile it sent a subtle dart to the competition.The existent determination is simply a selling masterstroke by Sterling Bank, which volition bespeak robustly connected its equilibrium expanse erstwhile the results are out,” she said.

Financial analyst, Ishaya Ibrahim, said the determination by Sterling Bank is simply a steller one, aimed astatine putting it connected the bully broadside of the banking population.

“The slope has sent a wide connection to the large guys successful the industry. I volition not beryllium amazed if radical statesman to unfastened caller accounts with the bank.If you look Nigerians’ banking behaviours, you volition announcement that they similar little charges and patronise institutions that springiness them little hassles. “That has accounted for the phenomenal maturation of mobile wealth operators, which complaint little oregon thing for transfers,” Ibrahim said.

Sterling Bank champions zero transportation charges successful the banking industry. Credit: Novartis
Source: Getty Images

Sterling Bank to stock N5 cardinal to businesses

Legit.ng antecedently reported that the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), successful concern with Sterling Bank, has introduced Databanc, a revolutionary caller platform.

The portal would enactment arsenic the exclusive root of accusation astir Nigerian enterprises, enabling decision-makers to supply tailored interventions and assistance to the MSME ecosystem.

The level is expected to furnish SMEDAN with invaluable insights that it whitethorn employment successful carrying retired its intent regarding argumentation formation, involution programme implementation, and different activities, specified arsenic finance, that facilitate the enlargement of tiny enterprises successful Nigeria.

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Source: Legit.ng