ADVERTISEMENT
TechEconomy
Saturday, May 31, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Exclusive: Sterling Bank Battles to Retain Customers with ‘Free Transfer’ Campaign

Exclusive: Sterling Bank Battles to Retain Customers with ‘Free Transfer’ Campaign

…If Sterling truly commits to this model, it could disrupt traditional banking

Joan Aimuengheuwa by Joan Aimuengheuwa
April 3, 2025
in Finance
0
Sterling Bank
Source: Techeconomy

Source: Techeconomy

RelatedPosts

Naira vs Dollar | Asset management

Naira Appreciates in the Official Market, Closes at N1,586/$1

May 30, 2025

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025

On Tuesday, Nigerians received a message so dramatic, it could have been a prophecy straight from the pulpit. 

A member of staff at Sterling Bank took it upon herself to spread the “gospel” of free transfers, as though divine intervention had finally struck the banking sector.

“BREAKING NEWS!!! Sterling Bank has CANCELLED TRANSFER FEES!!!

The message, a cross between a Nollywood script and a WhatsApp chain message, was peppered with urgent calls to action—open an account now, tag your bank, forward to 20 people before they “delete” it. Even the disclaimer was dramatic: “They will say it’s ‘April Fool’ but CHECK YOUR APP!!”

And just like that, Sterling Bank placed itself as a saviour of the Nigerian banking system—offering what no other bank has ever: free transfers, zero interbank fees, and even free ATM card issuance.

But let’s take a step back. Is this really an act of generosity, or is Sterling Bank simply playing catch-up after months of losing customers?

From Migration Issues to Damage Control

The timing of this campaign is hardly coincidental. It comes after a challenging year for Sterling Bank, with a massive migration to a new core banking system, SeaBaaS—Africa’s first indigenous core banking platform, developed by Peerless.

In August 2024, Sterling Bank informed customers of its plan to transition, and by September, the migration was complete. But instead of ushering in seamless banking, the process left customers stranded. For two weeks, the system disruptions meant no transactions, no transfers, and in some cases, no access to funds.

Businesses suffered. Individuals panicked. Some customers, understandably, packed their bags and took their money elsewhere.

Sterling Bank, which previously had around three million customers, lost a number during this migration. But the reputational damage was obvious. If trust in a bank is its currency, Sterling’s reserves took a serious hit.

By the time Sterling Bank resolved the issue in late September, the damage was already done. Many customers had closed their accounts and moved to competitors.

So, what do you do when you’ve lost a chunk of your customer base? You offer them freebies and hope they return.

Free Transfers?

In response, Sterling Bank’s No Transfer Fee campaign seems like a brilliant recovery strategy. Banking fees—especially hidden charges—are one of Nigerians’ biggest financial headaches. 

In Nigeria, economic hardship is squeezing every naira, and a bank promising zero charges could attract frustrated customers from other institutions.

To kick off the initiative, the bank has stated that the free transfer policy officially began on April 1, 2025. Customers who were charged between 12:00 am and 8:00 am on that day will receive a full refund.

Obinna Ukachukwu, Sterling Bank’s growth executive in charge of Consumer and Business Banking, stressed that the initiative is aimed at providing fair and inclusive banking.

“We believe access to your own money shouldn’t come with a penalty. This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused,” Ukachukwu stated.

But is Sterling truly offering something for nothing?

History shows otherwise. Nigerian banks have a habit of introducing “free” services only to quietly reinstate charges later. In December 2012, several banks promised zero ATM withdrawal fees—only to reverse the decision within months. Even fintechs like Opay and PalmPay initially offered free transfers, but later introduced fees.

So the real question is How long will Sterling keep this up?

Here are three possible scenarios:

  1. Short-Term Gain, Long-Term Reversal:
    • Sterling gets a wave of new account openings.
    • In a few months, the bank introduces “maintenance fees” or finds another way to recover lost revenue.
  2. Ripple Effect Across the Industry:
    • If customers start leaving other banks for Sterling, competitors might be forced to follow suit.
    • This could lead to a brief period of lower banking fees across the industry—before banks find a way to sneak charges back in.
  3. Genuine Shift in Strategy:
    • If Sterling truly commits to this model, it could disrupt traditional banking.
    • Other banks may be pressured to find new revenue streams instead of relying on transfer fees.

But that’s a big if.

How Are Customers Reacting?

The response so far has been mixed. While some Nigerians are commending Sterling’s move, others are in doubt:

“Wow! Sterling Bank is starting a revolution. This is nice.”

Another posted: 

“Well because this is coming today 1st April I’m just going to watch out for your customer’s comments on transfer charges and see how true this is before I join your bank else I remain where I dey.”

Even financial experts are questioning the endgame. One who preferred to remain anonymous, told us:

“This is a temporary solution to a long-term trust problem. If Sterling Bank cannot guarantee stable digital banking services, no amount of free transfers will keep customers loyal.”

Can Sterling Bank Rebuild Trust?

Sterling’s migration to SeaBaaS aimed to set the bank apart in innovation. Instead, it highlighted the risks of poor execution. Now, with this No Transfer Fee campaign, the bank is trying to amend the situation.

But free transfers alone won’t fix a broken reputation.

What Sterling really needs to do is:

  1. Prove System Stability: Customers need assurance that another major system failure won’t happen.
  2. Be Transparent: If there’s a time limit on this free transfer offer, they should say so upfront.
  3. Rebuild Customer Confidence: Offering compensation to those affected could go a long way.

For now, Nigerians will enjoy the honeymoon phase—free transfers, zero fees, and Sterling’s new-found customer-friendly image. Hopefully, this will last.

That’s the real test.

The bank’s transition to SeaBaaS is meant to bring faster transactions, improved security, and better financial products. While these improvements are rolling out in phases, customers will need more than free transfers to regain confidence.

For now, Sterling Bank is fighting to stay relevant. Whether Nigerians will buy into the redemption story is another matter entirely.

Loading

Advertisements
MTN ADS

0Shares
Tags: Banking sectorFree transfersNigerian BanksObinna UkachukwuSeaBaasSterling BankSterling Bank Free Transfer CampaignSterling Bank’s No Transfer Fee campaignzero interbank fees
Previous Post

Femi Falana, Citadel and Zinox: An Embarrassing Judicial Persecution

Next Post

Amazon Joins Last-Minute Race to Buy TikTok

Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Related Posts

Naira vs Dollar | Asset management
Finance

Naira Appreciates in the Official Market, Closes at N1,586/$1

by Latifat Fashina
May 30, 2025
0

The naira appreciated in the official market on Thursday, strengthening to N1,586/$1 from its previous close of N1,591/$1. According to...

Read more
Arik Air in 2024

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025
SANEF CEO Uche Uzoebo receives RedTech Award

RegTech Conference: SANEF’s CEO Uche Uzoebo Makes Case for More Financial Inclusion Strategies Targeting Women

May 29, 2025
SEC cancels Silverkuun

SEC Warns Public against Investing in Silverkuun Limited

May 29, 2025
Abbey Mortgage Bank Building

Abbey Mortgage Bank to Raise N100bn for Commercial Banking Licence

May 29, 2025
Naira vs Dollar | Asset management

Naira Falls across Markets, Hits N1,591/$1 in Official Trading

May 29, 2025
Next Post
Amazon to Buy TikTok

Amazon Joins Last-Minute Race to Buy TikTok

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.