Bank Revolt: Sterling Demands Zero Transfer Fees
In what is now a new precedent for customer-friendly banking in Nigeria, Sterling Bank has taken the lead in promoting the elimination of transfer fees on bank transactions by charging all transfer fees to customers within Nigeria.
Traditional Nigerian cuisine
This announcement was made on April 1st, setting off what many would call a memorable debate where everyone’s reaction seemed pre-programmed to assume that it was an April Fool’s fetor by marketing. For real, however, it has been declared that this is not just some advertising stunt: the effective entry into zero-local online transfer fees is very real and immediate.
With this policy, Sterling has now become the first major Nigerian bank that has chosen to oppose the age-old practice of charging everyday digital transfers. The digitization of banking has made the practice all the more controversial. “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 and it is value-based decision. It shows our commitment toward making banking a fair, inclusive, and customer-focused endeavor.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added. “Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.” Under the new regulation, all local transactions executed by using the mobile app of Sterling bank will incur no transfer charges to its customers.
This really would save someone quite a lot as small business owners who are just starting up or individuals who perform many transfers every day make good cuts in every sizeable saving. This customer-first orientation has not been something new for Sterling. During the COVID-19 pandemic, the bank stood out for being able to provide some extra pay for healthcare workers in public hospitals during the time when very few were donating things to help others.
This initiative will certainly go a long way in redefining – and has indeed begun redefining – what responsibility and responsiveness should look like in the financial services sector In fact, the most recent announcement have put up a common cheer among the public and caused quite a stir within social media, putting pressure on other comparatives to follow suit.
We are proud to lead this change,” he continued, “and we hope because of it other people will start thinking differently about what really matters to customers, not only in services that banks offer, but also in the ideas they present.” Buzzing online, WhatsApp Nigeria also lit up with broadcasts as users forwarded the picture on various groups, including one from a prayer circle that read: “Please my good people this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbor just transferred N100k and no charges!!! God bless Sterling Bank!!”.
The message went viral and quickly turned into a matter of public interest while putting a lot of pressure on other banks.
The news spread like wildfire on WhatsApp all over Nigeria, with users broadcasting the news across various groups, including one prayer circle message: ‘Please my good people this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbour Justina just transferred N100k, and no charges!!! God bless Sterling Bank!!’ This message went viral, creating a lot of buzz in the public and putting pressure on other banks to join in the zero charges initiative.
Sterling’s zero-charge policy falls within a larger remit to facilitate extraordinary customer experience and truly transparent and ethical banking at scale.
About Sterling Bank
Sterling Bank plc is a full-service national commercial bank in Nigeria, dedicated to building a more equitable and sustainable future through its HEART strategy, targeting investments in Health, Education, Agriculture, Renewable Energy, and Transportation. Having gained increasing recognition for its innovative solutions and advocacy on behalf of its customers, Sterling leads with palpable impact, compassion, and execution.
REACTIONS
I will reactivate my old current account and open a savings and domiciliary account in the bank. A bank with empathy..
To the rescue! Daniel has come to judgment! Let people breathe! It’s been suffering and smiling. The weak and the feeble are not considered at all
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