Yes, They Abolished Transfer Fees.
This Friday morning, I will walk into a Sterling Bank branch in Abuja—not just to open a bank account, but to make a statement. A statement in support of a bank that chose compassion over corporate greed, and the people over profits. Sterling Bank has made a bold move—eliminating transfer charges that other banks have stubbornly held onto. And for that, they deserve to be celebrated.
Let me be clear: this is not just about ₦10 or ₦50 per transaction. This is about principle. This is about justice.
In 2020, and again in 2023, I publicly called on the Central Bank of Nigeria and President Bola Ahmed Tinubu to alleviate the financial burden on Nigerians by eliminating the stealthy, exploitative charges embedded in our banking system. I received no response. No action. Just silence.
But then came Sterling Bank.
They listened. They acted.
They willingly walked away from ₦13.56 billion in annual revenue—4.13% of their total earnings—just to give Nigerians a little more breathing room in these difficult times.
Think about that for a moment: ₦13.56 billion voluntarily sacrificed so ordinary people could keep more of their own money.
Now contrast that with what other banks are doing.
In 2024 alone, four major banks—Zenith Bank, GTCO, UBA, and First Bank—raked in a staggering ₦186 billion in transfer fees from Nigerians.
₦186 billion. That’s more than the combined federal budget allocations for six top-tier universities—UNN, ABU, UI, OAU, Unical, and Unilag—for the year 2025. It’s also about 60% of the entire 2025 budget of Yobe State.
Meanwhile, these same banks are posting record-breaking profits. Removing transfer fees would barely scratch their bottom lines:
- GTCO: ₦15.47 billion from transfer charges—just 1.22% of its total revenue
- UBA: ₦48.36 billion—1.52%
- Zenith Bank: ₦80.05 billion—2.02%
- First Bank: ₦42.55 billion—1.41%
These aren’t life-or-death figures. They are comfortable margins earned by repeatedly charging ordinary Nigerians for the simple act of transferring their own money—millions of times over.
The reality is painful but clear: they won’t stop unless we make them stop.
If the banks won’t change, then we must change banks.
If the regulators remain silent, then we must raise our voices—with our wallets.
Sterling Bank has illuminated a different path. They’ve proven that it’s possible to run a smart, tech-forward, profitable financial institution without exploiting the very people they claim to serve.
So, yes, I am acting.
Opening an account with Sterling Bank is more than a personal choice—it is a protest against economic exploitation. It is a vote for fairness, innovation, and integrity in Nigeria’s banking sector.
This Friday, let’s make it a movement.
Let’s make it #OpenSterlingAcct Day.
Let your money speak for justice.
Let your bank reflect your values.
Tag your current bank.
Tag your friends.
Tell them: We’ve done the math, we’ve seen the numbers—and we’re done paying for digital oppression.
#SterlingBank #NoTransferFees
#RewardGoodBehaviour #BankingRevolution
#NigeriansDeserveBetter #VoteWithYourWallet
Osita Chidoka
3 April 2025
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