In a groundbreaking initiative, Sterling Bank has announced the elimination of bank transfer fees for local online transactions, making it the first major Nigerian bank to take such a step.

The policy, which took effect immediately upon its announcement on April 1, initially sparked widespread skepticism, with many assuming it was an April Fools’ Day prank. However, the bank has reaffirmed that the decision is genuine.

The move marks a significant shift in the Nigerian banking industry, where transfer fees have long been a standard practice. Sterling Bank’s Growth Executive, Consumer and Business Banking Directorate, Obinna Ukachukwu, emphasized that the policy reflects the institution’s commitment to fairness and customer satisfaction.

“We believe that accessing your own money shouldn’t come with a cost,” Ukachukwu stated. “This is not just a financial decision; it’s a statement of our values. We are committed to making banking more inclusive, transparent, and customer-focused.”

Ukachukwu further highlighted Sterling Bank’s bold stance in the industry, stating, “We may not be the largest bank in Nigeria, but we are the most courageous. This is our way of supporting Nigerians beyond mere words.”

Under the new policy, all Sterling Bank customers will enjoy free transfers for local transactions conducted through the bank’s mobile application. This is expected to provide significant financial relief, particularly for individuals and small business owners who rely on frequent digital transactions.

Sterling Bank has a history of prioritizing customer welfare. During the COVID-19 pandemic, the bank provided additional payments to healthcare workers in public hospitals, reinforcing its reputation as a responsible corporate entity. This latest initiative has been met with widespread public approval, with many social media users praising the bank’s move and calling on other financial institutions to follow suit.

“We are proud to lead this change,” Ukachukwu added. “We hope it encourages other banks to rethink their approach and focus on what truly benefits customers.”

Online communities have also been abuzz with discussions, with messages spreading rapidly across platforms like WhatsApp. One widely shared message read: “Please, my good people, this is not a joke!!! Sterling Bank has just shocked Nigeria today!! My neighbor Justina just transferred N100k with no charges!!! God bless Sterling Bank!!” The viral nature of these reactions has put pressure on other banks to reconsider their policies.

Sterling Bank’s decision to eliminate transfer fees is part of a broader strategy to enhance customer experience and promote ethical, transparent banking practices. As public interest grows, industry observers are watching closely to see if other financial institutions will respond to this precedent-setting move.

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