Sterling Bank Becomes Nigeria’s First Tier One Bank to Scrap Transfer Fees, Offers Free ATM Card Issuance

Sterling Bank Plc has announced the elimination of transfer fees on all local online transactions and free ATM card issuance, making it the first major Nigerian bank to introduce such a bold policy.

The bank revealed this on its X (formerly Twitter) page, declaring:

“That’s Right! As of Today;

• Sterling Bank will not take any money for itself for:
• Mobile app, online – 100% FREE!
• Interbank transfers – ZERO FEES!
• ATM Card Issuance – 100% FREE!”

Zero-Fee Transfers: A Game-Changer for Nigerians

The initiative officially kicked off on April 1, 2025, and in a customer-first move, Sterling has refunded all transfer charges incurred between 12:00 am and 8:00 am on launch day.

This policy is expected to provide significant financial relief to Nigerians who have long been burdened by high transaction costs. With the rising cost of living, eliminating transfer fees will make banking more accessible and inclusive, especially for small business owners, salary earners, and everyday Nigerians who rely on frequent digital transactions.

A Statement of Bold Leadership in Banking

According to Obinna Ukachukwu, Sterling Bank’s Growth Executive for Consumer and Business Banking, the decision reflects the bank’s deep commitment to fairness and financial inclusion.

“We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first.”

Ukachukwu also emphasized that Sterling’s move is not just a competitive strategy but a statement of belief in Nigeria’s future.

“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”

How Sterling Bank’s Policy Stands Out

While some Nigerian banks have reduced transaction fees, Sterling has become the first major bank to completely eliminate charges for interbank transfers and waive ATM card issuance fees.

📌 Key Highlights of Sterling Bank’s Zero-Fee Policy:
✅ No transfer fees for all local transactions made via the Sterling Bank mobile app.
✅ No charges for ATM card issuance, making access to banking services even more affordable.
✅ Immediate refunds for customers charged on April 1, 2025, before the official rollout.

Will Other Banks Follow?

Sterling Bank’s bold move puts pressure on other financial institutions to rethink their pricing structures in the digital banking space. With customers increasingly seeking low-cost and convenient banking options, this move could reshape the Nigerian banking industry.

For now, Sterling Bank has set a new benchmark, positioning itself as a leader in customer-centric banking. If other banks follow suit, free digital banking in Nigeria could become a new industry standard.

🚀 Stay tuned for more updates on how this policy is impacting customers and the banking sector.

📢 What do you think? Will this move force other banks to eliminate transfer fees? Join the conversation!