“No extra fees” – Sterling Financial institution ends all transaction charges, Nigerians rush to open accounts

Sterling Financial institution has formally introduced the removing of all transaction charges for native digital transfers, bringing a much-needed respite to clients who’ve lengthy been burdened by excessive banking fees.

The choice, which took impact on April 1, 2025, has already led to a major improve in account openings as Nigerians flock to benefit from the financial institution’s customer-friendly transfer.

The announcement, which was initially met with skepticism by some, has since been confirmed by the financial institution, assuring that the no-charge coverage is real and applies throughout all digital platforms.

Sterling Financial institution is now providing free cellular app transactions, on-line transfers, interbank transfers, and even ATM card issuance, making it the primary main Nigerian financial institution to fully remove switch charges.

“We’re placing an finish to the follow of quietly extracting charges from Nigerians,” the financial institution declared in a publish on social media. “Sterling Financial institution is main the cost to make banking extra accessible and reasonably priced for the folks. No extra hidden charges. No extra digital oppression. It’s time to let Nigerians breathe.”

Former Aviation Minister Chief Osita Chidoka, who has lengthy been an advocate for banking reform, was one of many first public figures to point out assist for the financial institution’s daring initiative.

Chidoka, after expressing his pleasure on social media, visited Sterling Financial institution’s headquarters in Abuja to open a private account, calling his transfer a symbolic protest in opposition to the exploitation of Nigerians by banks.

“Sterling Financial institution has confirmed that you would be able to run a worthwhile, tech-driven financial institution with out overcharging clients. This can be a assertion of values,” Chidoka shared in his publish. “I urge each Nigerian to make their cash stand for equity, transparency, and innovation by opening an account with Sterling Financial institution. Let’s make #OpenSterlingAcct Day a actuality.”

The financial institution’s determination comes amidst rising dissatisfaction with excessive banking charges charged by different establishments, with many Nigerians expressing their frustration on social media.

In keeping with current information, Nigerian banks rake in over N922.5 billion yearly from transaction charges, a income stream that many shoppers view as exploitative.

Along with the free transaction coverage, Sterling Financial institution has additionally pledged to put money into know-how and customer support to additional enhance the banking expertise.

This transfer has been met with widespread reward, as Nigerians see it as a step in the best course towards making banking extra clear and customer-centric.

Dr. Joe Abah, a widely known Nigerian public determine, additionally applauded Sterling Financial institution for its determination, stating, “Effectively accomplished to Sterling Financial institution for eradicating these unconscionable and indefensible switch charges. This can be a victory for Nigerians who’ve lengthy suffered from excessive banking prices.”

Though the financial institution has estimated that it’ll lose roughly N13 billion in income as a result of removing of transaction charges, many specialists consider that the inflow of latest clients will greater than make up for the loss in the long term.

With Sterling Financial institution’s buyer base rising quickly, the transfer is more likely to disrupt the banking trade and put stress on different banks to observe swimsuit.

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