When the Country’s Too Hard, Your Bank Shouldn’t Be

In a nation where “May Nigeria not happen to you” has become our unofficial national motto, Sterling Bank has decided that at least one thing can be easier; accessing your own money.

While most Nigerian banks continue treating transfer fees like a golden goose that can’t be disturbed, Sterling has taken a bold step toward customer relief with a move that has everyone asking: “Wait, banks can actually do that?”

The New Normal: Zero is Now a Hero

Sterling Bank has announced that all transfer charges on its OneBank app will now be exactly zero naira. Yes, you read that correctly, ZERO. Not “reduced,” not “discounted,” but completely eliminated.

Now that even breathing sometimes feels like it comes with a service charge, Sterling is essentially saying: “Your money is actually yours. Shocking concept, we know.”

More Than Just a Number Game

“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, who apparently missed the memo that banks are supposed to charge you for everything including thinking about your money.

Under this new policy, every local transaction made through the bank’s mobile app will be free of those pesky charges that silently eat away at your account balance. For small business owners who make multiple transfers daily, this isn’t just convenient, it’s financial oxygen in an economy where everyone is gasping for air.

Not Size, But Boldness Matters

Sterling isn’t shy about its position in the banking hierarchy. “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu stated, in what might be the banking equivalent of “it’s not the size of the boat, but the motion in the ocean.”

This boldness manifests in removing a revenue stream that others cling to like a lifeline. While competitors are busy calculating how to extract one more naira from your account, Sterling is calculating how much you would save instead.

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When Actions Speak Louder

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

This isn’t Sterling’s first rodeo when it comes to putting customers first. During the COVID-19 pandemic, they provided financial support to healthcare workers when they needed it most, proving that their corporate conscience doesn’t only wake up when there’s a marketing opportunity.

The Money-Saving Reality

The reality is if you make around 10 transactions each week with between N25 to N50  as charges per transaction, you would be saving  between 13k and 26K yearly just by using your OneBank App.

Setting a New Standard

“We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values,” Ukachukwu concluded, essentially throwing down the gauntlet to other financial institutions.

In a country where hardship has become a shared experience, Sterling Bank has recognized that sometimes the boldest move is simply removing an unnecessary burden. While we can’t promise the roads will be smoother or the electricity more consistent, at least transferring your money won’t cost you extra.

The question now is: Will other banks follow suit, or will they continue charging you for the privilege of using your own money? The banking industry is watching, but more importantly, Nigerians are watching too.