Ex-minister fulfils promise, backs zero-fee banking with Sterling Bank account

Former Aviation Minister, Osita Chidoka, on Friday opened an account with Sterling Bank in Abuja, fulfilling his promise to support the lender’s recent decision to eliminate digital banking charges.

In a post on X, he described the move as “a quiet revolution in a country where every naira counts.”

Mr Chidoka, who was joined by young Nigerians and former Abia State Governor Okezie Ikpeazụ, said the action went beyond account opening and symbolised a national conversation on what he called exploitative charges by most Nigerian banks.

“We opened accounts, downloaded the OneBank app, and made real-time transfers—without paying a single kobo in fees,” he said. “I sent money to my wife—no charge. It felt good to bank without losing money.”

The visit followed Sterling Bank’s announcement on Tuesday that it would no longer charge customers for interbank transfers, app usage or ATM card issuance.

In a post on X (formerly Twitter), the bank declared: “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! NIGERIANS ARE NO FOOLS! Enough is enough. No more quiet suffering.”

Mr Chidoka had responded by promising to move his banking to Sterling Bank and called on Nigerians to reward the bank’s decision. “They walked away from N13.56 billion in transfer charges—4.13 per cent of their total revenue—to give Nigerians breathing room,” he said. “Other banks could, too—but they won’t.”

He also criticised larger financial institutions for what he called unnecessary earnings from transfer fees.

On Friday, Mr Chidoka said the issue reflected a wider failure of compassion in Nigeria’s financial system.

“This isn’t about me. It’s about what banking should be—transparent, compassionate, and people-focused. We need a system that builds prosperity by easing the burdens of everyday Nigerians,” he said.

He warned that regulators and banks risked losing public trust. “If banks won’t change, we must change banks. If regulators won’t act, we must act with our wallets,” he said.

In a move he described as a “remarkable gesture,” Sterling Bank deposited N10,000 into the accounts of the young people who accompanied him to open new accounts.

Mr Chidoka drew parallels with the mobile telecoms revolution that began two decades ago. “Remember when Glo introduced per-second billing? At first, it was radical. Now, it’s standard. Sterling Bank may just be reminding the sector that doing right doesn’t harm the bottom line—it builds loyalty,” he said.

READ ALSO: Ex-Minister to reward Sterling bank for halting transfer charges

Mr Chidoka also pointed out the issue of rising banking costs, despite the growth of digital banking, which was supposed to lower these costs.

He stressed the importance of compassionate capitalism, especially as Nigeria faces tough economic times. He believes that both the government and big businesses need to act to protect the financial well-being of Nigerians, particularly the shrinking middle class.

He encouraged Nigerians to take action by holding banks accountable for high charges, saying that small changes in how people bank could lead to bigger changes in the system.