Sterling Bank to refund customers charged for transfer fees on April 1 

The bank unveiled a new policy on Tuesday, announcing that it will no longer charge fees on online transfers for all local transactions conducted through its mobile app, effective immediately.

The announcement, initially made on their official X handle, stirred skepticism among the public due to its timing, coinciding with April Fools’ Day on April 1. Many assumed the zero-transfer-fee announcement was a marketing prank.

The launch of this initiative was not without a few hiccups. A customer, Ayooluwa Folarim, reported being charged fees for two transactions conducted at 6 a.m. on Tuesday.

Sterling Bank quickly clarified the situation, stating that refunds would be made for all charges between 12 midnight and 8 am.

“We kicked this off @ 8:00 AM this (Tuesday) morning. But #WorryLess, we will refund our lovelies who were charged transfer fees between midnight and 8:00 AM today.” 

By introducing this policy, Sterling Bank positions itself as a pioneer in prioritizing customer-centric banking practices.

The Growth Executive leading the Consumer and Business Banking Directorate, Obinna Ukachukwu, explained the motivation behind the policy.

“We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision; it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer-focused,” he said in the statement. 

Ukachukwu emphasized that while Sterling Bank may not yet be the largest bank in Nigeria, it remains bold and fearless in its vision for the future. “We are committed to supporting Nigeria’s growth and empowering its people,” he added. 

The removal of transaction fees has been met with widespread approval, sparking positive reactions across social media platforms.

Many customers have tagged other financial institutions, urging them to follow Sterling’s lead. This has placed pressure on the bank’s competitors to adopt similar policies, signaling a potential shift across the industry.

Sterling Bank’s initiative highlights the evolving priorities within Nigeria’s financial sector, driven by increasing digital adoption and customer demand for transparent banking practices.