The timing of the announcement on April 1 led to widespread skepticism, with many assuming it was an April Fools’ joke. However, Sterling Bank reassured customers that the policy was genuine and that all charges incurred between midnight and 8:00 a.m. on the rollout day would be fully refunded.
Lagos, Nigeria – Sterling Bank has announced plans to refund customers who were mistakenly charged transfer fees for online transactions conducted on Tuesday, April 1, 2025.
The bank recently introduced a policy eliminating transfer charges for all local transactions carried out via its mobile app. The initiative, which took effect immediately, was unveiled through an official statement on the bank’s X (formerly Twitter) handle.
Clarification Amid Public Skepticism
The timing of the announcement on April 1 led to widespread skepticism, with many assuming it was an April Fools’ joke. However, Sterling Bank reassured customers that the policy was genuine and that all charges incurred between midnight and 8:00 a.m. on the rollout day would be fully refunded.
A customer, Ayooluwa Folarim, raised concerns after noticing deductions for two transactions completed at 6:00 a.m. on Tuesday. In response, the bank clarified that the policy had officially commenced at 8:00 a.m., and all affected users would be reimbursed.
“We launched this at 8:00 a.m. today (Tuesday), but #WorryLess, we will refund our lovelies who were charged transfer fees between midnight and 8:00 a.m.,” the bank wrote in its statement.
Pioneering a Customer-Centric Banking Approach
Sterling Bank’s new zero-transfer-fee policy positions it as a leader in customer-focused banking. Obinna Ukachukwu, the Growth Executive in charge of Consumer and Business Banking, highlighted the reasoning behind the initiative.
“We believe access to your own money should not come with a penalty. This decision is driven by our values, not just finances. It underscores our commitment to making banking fair, inclusive, and truly customer-oriented,” Ukachukwu stated.
He further noted that while Sterling Bank may not be Nigeria’s largest financial institution, it remains ambitious and forward-thinking. “We are dedicated to driving Nigeria’s growth and empowering its people,” he added.
Key Takeaways
- Customers of Sterling Bank will now enjoy free transfers for all local transactions via the bank’s mobile app, potentially saving costs for individuals and small businesses that conduct frequent transactions.
- The move aligns with the growing shift toward digital banking and sets a precedent for other financial institutions in Nigeria.
- This is not the first time Sterling Bank has taken bold steps to support public welfare. During the COVID-19 pandemic, the bank provided additional financial support to healthcare workers in public hospitals.
Industry Impact and Public Response
The removal of transfer fees has received widespread praise, with many customers urging other banks to follow suit. The development has sparked discussions on the future of banking in Nigeria, as institutions face increasing pressure to prioritize transparency and customer satisfaction.
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