Sterling Bank has abolished transfer fees on all local digital transactions, making it the first major bank to do so.

The announcement, made on 1 April, was initially greeted with doubt of April Fools’ Day prank.

However, Sterling has since confirmed that the policy is real and effective immediately.

Daily Trust reports that this is coming amidst raging concerns over the increasing bank transfer fees for digital transactions.

There are no fewer than three charges for interbank transfers apart from the electronic money transfer levy (EMTL) imposed by the federal government.

But Sterling Bank is taking a lead in abolishing online bank transfer charges.

“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate. “This is more than a financial decision; it’s a values-based one.”

Under the new policy, Sterling customers will enjoy free transfers for all local transactions made through the bank’s mobile app, a move that is expected to provide substantial savings for individuals and small business owners who rely on frequent transfers.

“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.

“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” Ukachukwu added.

Sterling has a track record of prioritising customer welfare, having previously provided financial support to healthcare workers during the COVID-19 pandemic.

The latest initiative has been met with widespread public approval, with social media buzzing over the news and calls mounting for other banks to follow suit.

“We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”