Sterling Bank has announced a full refund for all customers who were charged transfer fees on online transactions conducted on April 1, 2025. The decision comes after widespread customer complaints and marks a significant shift in the bank’s digital banking policy.
In an official statement, the bank confirmed that it has permanently scrapped fees on all local transfers conducted via its mobile app, effective immediately. This move positions Sterling Bank as one of the few financial institutions in Nigeria offering zero-cost transactions on its digital platform.
The announcement has sparked reactions across social media, with many customers welcoming the policy change as a step towards more customer-friendly banking practices. Some financial analysts suggest that the decision may put pressure on other commercial banks to follow suit in a bid to attract and retain digital banking users.
This development comes amid growing scrutiny of Nigerian banks over excessive transaction charges. Just last month, the Central Bank of Nigeria (CBN) hinted at reviewing financial institutions’ service fees following public outcry over hidden charges affecting millions of customers.
Sterling Bank has assured customers that refunds for the April 1 deductions will be processed automatically within the next few days, with affected users receiving alerts once their accounts are credited. Customers are advised to check their transaction history and report any discrepancies to the bank’s customer service.
Industry experts believe this policy shift could boost Sterling Bank’s digital banking adoption rate, as more Nigerians seek cost-effective online transaction options. With the bank eliminating transfer fees, competitors may be forced to revise their own charges to remain competitive in the digital banking space.
As Nigeria’s financial sector embraces digital transformation, Sterling Bank’s zero-fee transfer policy sets a precedent that could reshape how banks interact with customers in an increasingly cashless economy.
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