Sterling cancels transfer, mobile app, ATM card issuance fees

Sterling Bank Plc has announced the cancellation of bank transfer fees for online transactions, urging other financial institutions to adopt a similar policy.

In a statement released yesterday, the bank confirmed that its zero-transfer-fee policy is real and takes effect immediately.

The bank noted that customers will no longer be charged for transactions conducted via its mobile app, online banking, interbank transfers, or ATM card issuance.

The announcement, made on April 1, 2025, initially sparked widespread debate, with many assuming it was an April Fools’ Day marketing gimmick.

However, Sterling has reaffirmed its commitment to the initiative, becoming the first financial institution to take a definitive stand against the long-standing practice of charging customers for everyday digital transactions, a contentious issue as digital banking adoption deepens.

Sterling also directly challenged industry giants such as Guaranty Trust Bank (GTCO), First Bank of Nigeria, Fidelity Bank, Access Bank, Stanbic IBTC and United Bank for Africa (UBA) to implement similar measures.

The bank declared, “Enough is enough. No more quiet suffering. We’re doing our part by canceling transfer fees. Let other banks follow suit —Guaranty Trust Bank (GTCO), First Bank of Nigeria, Fidelity Bank, Access Bank, Stanbic IBTC and United Bank for Africa (UBA).

“That’s right. As of today, Sterling Bank will not take any money for itself for mobile app transactions (100 per cent free), Online banking transfers (zero fees), Interbank transfers (zero fees) and ATM Card Issuance (100 per cent free). We stand by our word – no pranks, just facts. Sterling delivers, today and always, with zero transfer charges,” the bank stated on X.

The Growth Executive leading Sterling Bank’s Consumer and Business Banking Directorate, Obinna Ukachukwu, said the elimination of transfer fees is expected to resonate strongly with Nigerian customers, who have long expressed frustration over high banking charges.

He emphasised that the decision is more than a financial move as it reflects the bank’s commitment to fairness, inclusivity, and a customer-first approach.

“We believe customers’ access to their own money shouldn’t come with a penalty. Under this new policy, Sterling customers will enjoy free transfers for all local transactions conducted via our mobile app,” Ukachukwu stated.

He added that this initiative will lead to significant savings, particularly for individuals and small business owners who conduct frequent daily transfers.

Also yesterday, some customers of GTBank claimed that the bank refunded excess SMS charges previously deducted.