Sterling Bank calls for removal of contentious bank transfer charges

Sterling Bank calls for removal of contentious bank transfer charges

Amid calls for increased customer-focused banking in Nigeria, Sterling Bank has advocated for the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.

The announcement, made on April 1st, initially sparked widespread arguments, with many assuming it was a marketing prank tied to April Fools’ Day. However, Sterling has confirmed that this is no stunt: the zero-transfer-fee policy is real, and effective immediately.

With this move, Sterling becomes the first major Nigerian bank to take a stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.

“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, Growth Executive head, Consumer and Business Banking Directorate of the bank.

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

Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.

Asides other charges the Nigerian banking public contend with, they have also had to pay charges on electronic transfers ranging between N42 and N73 per transfer depending on the bank. Even as the CBN continues to hammer on the need ri reduce cash transactions, many Nigerians wonder why such fees are imposed on digital transactions which would discourage people from using electronic channels.

To offset the cost of the bank transfer charges, many businesses have resorted to charging customers who pay via transfer extra N50 or N100, as they claim the banks charge them for receiving electronic transfers.

© Ripples Nigeria