Sterling Bank did what banks don’t usually do in these parts: it eliminated interbank transfer fees for domestic online transactions. Being one of the smaller national banks, its revenue from that stream ought to be deemed significant particularly as banks are under pressure to shore up their asset base. It therefore took many by surprise when Sterling made its nothing short of sterling announcement.
We at MomentumCSR consider this a great move that should not go unrewarded by those who ought to be the ultimate beneficiaries. The only way the public can mount pressure on other banks to do the needful with regard to the multiplicity of what customers consider unnecessary charges is for them to do more with the bank that seems to be listening to them.
Osita Chidoka, erstwhile Minister of Aviation, erstwhile FRSC Corps Marshall, was one of the very impressed folks. Not only did he commend the bank, he requested that Nigerians make a beeline for Sterling Bank the day after his viral post on social media (Thursday 3rd of April, 2025) to go make a telling statement of support by opening their own Sterling Bank accounts.
This one move by Sterling Bank is worth more than numerous bogus CSR campaigns that clutter the websites of most financial institutions. At the end of the day, decisions that impact both customers, the environment and the institution for good is what adjudges an intervention as being socially responsible. While we urge other banks to take the high road like Sterling Bank did, we here reproduce the logical and engaging write up by Osita Chidoka.
Sterling Bank Did the Math—and Still Chose the People.
…..They Ditched Transfer Fees.
On Friday Morning, I will open an account at a Sterling Bank Branch in Abuja to reward the bank for removing transfer charges, which other banks have refused to do.
In 2020 and 2023, I called on the CBN and President Tinubu to ease the burden on Nigerians by stopping the hidden, exploitative charges Nigerians face in the banking system. They didn’t act.
But Sterling Bank did.
They walked away from ₦13.56 billion in transfer charges—4.13% of their total revenue—to give Nigerians breathing room.
Let that sink in:
They gave up over ₦13 billion from transfers alone.
Other banks could, too—but they won’t.
Now, consider this: four banks took ₦186 billion (Zenith, GTCO, UBA, and First Bank) from the pockets of Nigerians in transfer fees alone in 2024.
For context 186 billion is more than the combined federal allocation to six federal universities – UNN, ABU, UI, OAU, Unical, and Unilag in 2025 budget and more about 60% of the budget of the 2025 Yobe State (₦320 billion)
Meanwhile, all four banks are posting record profits. Removing transfer fees would hardly dent their revenues:
Here’s what the numbers say:
GTCO: ₦15.47 billion from transfer charges — just 1.22% of revenue
UBA: ₦48.36 billion — 1.52%
Zenith Bank: ₦80.05 billion — 2.02%
First Bank: ₦42.55 billion — 1.41%
These aren’t make-or-break figures for any of them.
They’re just comfortable profits from charging ordinary Nigerians ₦10 to ₦50 per transfer—millions of times over.
The truth?
They won’t stop unless we make them.
If banks won’t change, we must change banks.
If regulators won’t act, we must act with our wallets.
Sterling Bank has shown us a better way. They’ve proven that you can run a profitable, tech-driven, modern bank without extracting rent from the people.
So yes, I’m acting.
Opening a Sterling Bank account is a statement of values. A protest against exploitation. And a demand for transparency, innovation, and fairness in Nigerian banking.
Let’s make Friday #OpenSterlingAcct Day.
Let your money stand for fairness, transparency, and innovation.
Tag your bank. Tag your friends.
Tell them: We’ve seen the numbers, and we’re done paying for digital oppression.
#SterlingBank #NoTransferFees #RewardGoodBehaviour #BankingRevolution #NigeriansDeserveBetter #VoteWithYourWallet
Osita Chidoka
3 April 2025
