Sterling Bank has seen a surge in new customers after announcing it will no longer charge transaction fees for local electronic transfers, a policy that took effect on April 1, 2025.
The bold move, aimed at easing the burden of high banking charges, has already led to a significant increase in account openings as Nigerians flock to take advantage of the bank’s customer-friendly move.
“Sterling Bank has proven that you can run a profitable, tech-driven bank without overcharging customers. This is a statement of values,” Chidoka shared in his post.
“I urge every Nigerian to make their money stand for fairness, transparency, and innovation by opening an account with Sterling Bank. Let’s make #OpenSterlingAcct Day a reality.”
The bank’s decision comes amidst growing dissatisfaction with high banking fees charged by other institutions, with many Nigerians expressing their frustration on social media.
According to recent data, Nigerian banks rake in over N922.5 billion annually from transaction fees, a revenue stream that many customers view as exploitative.
In addition to the free transaction policy, Sterling Bank has also pledged to invest in technology and customer service to further improve the banking experience.
This move has been met with widespread praise, as Nigerians see it as a step in the right direction toward making banking more transparent and customer-centric.
Dr. Joe Abah, a well-known Nigerian public figure, also applauded Sterling Bank for its decision, stating, “Well done to Sterling Bank for removing these unconscionable and indefensible transfer fees. This is a victory for Nigerians who have long suffered from high banking costs.”
Although the bank has estimated that it will lose approximately N13 billion in revenue due to the removal of transaction fees, many experts believe that the influx of new customers will more than make up for the loss in the long run.
With Sterling Bank’s customer base growing rapidly, the move is likely to disrupt the banking industry and put pressure on other banks to follow suit.
See below: