Nigeria: Sterling Bank Launches Zero-Transfer Fee Initiative, Reinforces Commitment to Digital Banking Inclusion

In a strategic move to redefine digital banking in Nigeria, Sterling Bank has introduced a zero-transfer fee policy on all local online transactions, becoming the first major financial institution in the country to make such a bold shift. The new policy, which took immediate effect, underscores the bank’s commitment to regulatory compliance, customer-centricity, and financial inclusion.

Advancing Cost-Effective and Inclusive Banking

Sterling Bank unveiled the initiative through an official statement on Tuesday, highlighting its vision for compliance-driven, cost-efficient financial services. The decision, according to the bank, aligns with its long-term strategy of enhancing digital banking experiences while removing cost barriers.

Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, emphasized that the initiative is rooted in fairness, inclusivity, and the bank’s mission to streamline financial transactions through innovation and regulatory technology solutions.

“This is more than a financial decision—it’s a customer-first approach. We’re eliminating unnecessary transaction costs to foster a more inclusive and convenient banking ecosystem,” Ukachukwu stated.

Amid persistent inflation and shrinking consumer purchasing power, this zero-fee policy brings timely relief, especially for small business owners, freelancers, and individuals who rely heavily on digital channels for payments and fund transfers.

More Than a Market Strategy—A Catalyst for Digital Empowerment

While industry watchers may see this as a competitive play, Sterling Bank insists the policy is driven by a broader mission to support the real economy and promote financial equity.

“We’re not aiming to be the biggest, but we’re proud to be the boldest,” Ukachukwu added. “This policy represents Sterling’s unwavering belief in the future of Nigeria, and our responsibility to champion digital access and economic empowerment.”

Key Highlights of Sterling Bank’s Zero-Transfer Fee Policy

• Unlimited Free Local Transfers – Customers can now carry out Naira transfers via the Sterling Bank mobile app at zero cost.
• Enhanced Digital Experience – The policy supports seamless and secure online banking operations through compliance software and user-focused digital infrastructure.
• Support for SMEs and Frequent Users – A critical boost for micro-enterprises and individuals managing high-volume transactions, enabling better financial control and savings.

Redefining Nigeria’s Digital Banking Landscape

Sterling Bank’s elimination of local transfer fees sets a new industry standard and marks a significant step toward a more digitally inclusive and customer-friendly regulatory framework. By promoting compliance automation and cost efficiency, the bank is contributing to the broader evolution of Nigeria’s financial compliance ecosystem.

This initiative reinforces the growing influence of RegTech innovations in reshaping digital financial services across Africa. It demonstrates how banks can leverage compliance analytics and regulatory intelligence to deliver scalable, value-driven solutions to the unbanked and underbanked segments of the population.