{"id":27507,"date":"2025-04-04T03:39:10","date_gmt":"2025-04-04T03:39:10","guid":{"rendered":"https:\/\/techandbiz.com.ng\/?p=27507"},"modified":"2025-04-04T03:39:10","modified_gmt":"2025-04-04T03:39:10","slug":"sterling-bank-did-the-math-and-still-chose-the-people","status":"publish","type":"post","link":"https:\/\/techandbiz.com.ng\/wp10\/2025\/04\/04\/sterling-bank-did-the-math-and-still-chose-the-people\/","title":{"rendered":"Sterling Bank Did the Math\u2014and Still Chose the People."},"content":{"rendered":"

Yes, They Abolished Transfer Fees.<\/strong><\/p>\n

This Friday morning, I will walk into a Sterling Bank branch in Abuja\u2014not 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\u2014eliminating transfer charges that other banks have stubbornly held onto. And for that, they deserve to be celebrated.<\/p>\n

Let me be clear: this is not just about \u20a610 or \u20a650 per transaction. This is about principle. This is about justice.<\/p>\n

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.<\/p>\n

But then came Sterling Bank.<\/p>\n

They listened. They acted.<\/p>\n

They willingly walked away from \u20a613.56 billion in annual revenue\u20144.13% of their total earnings\u2014just to give Nigerians a little more breathing room in these difficult times.<\/p>\n

Think about that for a moment: \u20a613.56 billion<\/strong> voluntarily sacrificed so ordinary people could keep more of their own money.<\/p>\n

Now contrast that with what other banks are doing.<\/p>\n

In 2024 alone, four major banks\u2014Zenith Bank, GTCO, UBA, and First Bank\u2014raked in a staggering \u20a6186 billion<\/strong> in transfer fees from Nigerians.<\/p>\n

\u20a6186 billion. That\u2019s more than the combined federal budget allocations for six top-tier universities\u2014UNN, ABU, UI, OAU, Unical, and Unilag\u2014for the year 2025. It’s also about 60% of the entire 2025 budget of Yobe State<\/strong>.<\/p>\n

Meanwhile, these same banks are posting record-breaking profits. Removing transfer fees would barely scratch their bottom lines:<\/p>\n