Banking and Finance
STERLING BANK LEADS PROTEST FOR REMOVAL OF BANK TRANSFER CHARGES
LAGOS, NIGERIA – In a landmark move that sets a new benchmark for customer-focused
banking in Nigeria, Sterling Bank has championed the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.
The announcement, made on April 1st, initially sparked widespread arguments, with many
assuming it was a marketing prank tied to April Fools’ Day. However, Sterling has confirmed that this is no stunt: the zero-transfer-fee policy is real, and effective immediately.
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
“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, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.”
“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 policy, Sterling customers will enjoy free transfers for all local transactions
conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
This customer-first orientation is not new for Sterling. During the COVID-19 pandemic, the bank stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support. From that moment to now, Sterling has continued to redefine what it means to be a responsible and responsive institution.
The bank’s latest move has been met with widespread public approval, sparking positive
reactions across social media and placing pressure on industry peers to follow suit.
We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think
differently about what customers truly need from their banks, not just in services, but in values.”
Online communities were not excluded as WhatsApp Nigeria lit up with viral broadcasts as users forwarded the news across 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 neighbour Justina just transferred N100k and no charges!!! God bless Sterling Bank!!”. The message quickly gained traction, sparking massive public interest and mounting pressure on other banks to follow suit.
Sterling’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.
About Sterling Bank
Sterling Bank is a full-service national commercial bank in Nigeria, focused on building a more equitable and sustainable future through its HEART strategy, targeting investments in Health, Education, Agriculture, Renewable Energy, and Transportation. With a growing reputation for innovation and customer advocacy, Sterling continues to lead with impact, empathy, and execution.
Banking and Finance
Union Bank’s Edu360 Initiative Fuels Future Stars at Greensprings Football Academy
Photo caption:L-R: Bukola Ayeni, Lead External Communications, Union Bank of Nigeria; West Bromwich Albion Football Club coaches; Mrs Lai Koiki, Founder and CEO, Greensprings School and participants of the 11th Greensprings Football Camp sponsored by Union Bank of Nigeria under its Edu360 initiative at the school’s Awoyaya campus in Lekki, Lagos recently.
Lagos, Nigeria – Union Bank has again demonstrated its commitment to youth development and quality education by sponsoring the 11th edition of the Greensprings Football Academy. The five-day training camp, held from April 13 to April 17, 2025, at the School’s Lekki campus, catered to children aged 5 to 17. Participants received expert coaching from top international coaches affiliated with the West Bromwich Albion Football Club, Dutch Football Association and the English Football League (EFL), alongside support from coaches from the Lagos State Football Association and Nigerian football legend Victor Ikpeba, “The Prince of Monaco.”
The closing ceremony, held on April 17, 2025, was graced by notable guests from the football community, including Lagos State FA Chairman Laimeed Gafar with Samuel Jake Whitmore, Jordan Hall and Owen Jones, West Bromwich Albion coaches.
During the closing ceremony, Bukola Ayeni, Lead External Communications, Union Bank of Nigeria, stated, “Union Bank is a sponsor in the Greenspring Football Academy under our Edu360 initiative, which aligns with one of our core values of being Community Focused. Edu360 is the Bank’s initiative to promote quality education, whether formal or informal, which includes sports and supports SDG 4 on Quality Education. With 108 years of legacy of being Nigeria’s most reliable and trusted partner, the Bank’s Edu360 Initiative demonstrates our unwavering commitment to investing in the leaders of today and tomorrow.”
Mrs Lai Koiki, the Founder and CEO of Greensprings School, mentioned, “We are being future-ready, we are preparing the youth for the future for football and leadership.”
Victor Ikpeba lauded the school’s effort and sponsors, stating, “This is a school that empowers boys and girls in education, especially football.”
The Greensprings Football Academy has a proven record of producing professional players, with some graduates playing for the Under-17 National Team of Nigeria. This year, the top students, Alabi Aliami and Ayodeji Boluwatife, were awarded additional virtual training sessions with the coaches, amongst other benefits.
The success of the Greensprings Football Academy underscores the unifying power of football across cultures and nations. Union Bank remains dedicated to fostering youth development and quality education through initiatives like the GreenSprings Football Academy.
Banking and Finance
Union Bank Rewards Customers with Motorcycles, Cash Prizes in 3rd Save and Win Palli Promo 4 Monthly Draw
Lagos, Nigeria— Union Bank of Nigeria has rewarded another set of customers in the ongoing Save and Win Palli Promo 4 campaign. Six lucky customers each won a brand-new motorcycle, and 120 additional winners won cash prizes.
The third monthly hybrid live draws were transparently conducted at the Bank’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions. For integrity purposes, some of the winners were contacted to congratulate and remind them that the Bank will never call to request or confirm their confidential banking details such as BVN, date of birth, pins, or passwords.
Save & Win Palli Promo 4 is a nationwide campaign designed to reward both new and existing customers with cash prizes and other exciting gifts worth N131,000,000. This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.
To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.
Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch. Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.
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Note to Editors:
About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
More information can be found at: www.unionbankng.com
Media Enquiries:
Favour Ayeni
+234 0201 2716800
Email: mediarelations@unionbankng.com
LAGOS, NIGERIA – April 16, 2025 – Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London. The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom. The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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