Sterling Bank Removes Fees on All Transfers to Ease Customer Burdens

Sterling Bank has announced the removal of all charges on online transactions to alleviate the financial pressure on its customers. Abubakar Suleiman, the bank’s managing director and CEO, explained that the decision follows extensive consultations with customers about their challenges, particularly the growing burden of daily transaction fees.

Suleiman emphasized that banks are not driven by profit-seeking motives but are heavily invested in advanced technology to support modern payment systems. These systems, which involve complex software to ensure secure and successful transactions, require substantial financial investment. While banks typically charge to cover these technology costs, Sterling Bank has decided to forgo these fees to give back to its customers following improvements in its internal systems.

The bank’s decision to eliminate charges for all local online transfers, including transactions to other banks, marks a significant step in customer-focused banking. This move, which applies to both new and existing customers, is intended to make financial transactions more accessible and encourage higher transaction volumes without additional costs. The initiative also reinforces Sterling Bank’s commitment to enhancing the customer experience and supporting the broader Nigerian economy.