In a groundbreaking move aimed at reshaping Nigeria’s banking landscape, Sterling Bank has officially removed transfer fees for all local online transactions. The bank announced on April 1, 2025, that it will no longer retain any charges on digital transfers, reinforcing its commitment to customer-first banking.

Initially perceived as an April Fools’ prank, the policy has been confirmed as a genuine and immediate shift in Sterling Bank’s operations. This makes Sterling the first major Nigerian bank to challenge the long-standing practice of charging customers for routine digital transactions.

“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.”

He further emphasized Sterling Bank’s leadership stance, saying, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest. Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”

Under the new policy, all Sterling Bank customers will enjoy fee-free transfers on local transactions via the bank’s mobile app. This shift is expected to bring significant savings, particularly benefiting individuals and small business owners who rely heavily on digital banking for daily transactions.

Sterling Bank has long positioned itself as a customer-centric financial institution. During the COVID-19 pandemic, it was among the few banks that provided additional financial support to healthcare workers in public hospitals. The zero-fee transfer policy is a continuation of the bank’s tradition of prioritizing customers’ financial well-being.

The policy announcement has sparked overwhelming approval across Nigeria. Social media platforms have been flooded with positive reactions, with many Nigerians urging other banks to follow suit. WhatsApp Nigeria saw viral messages spreading the news, including one from a prayer group that read: “Please my good people, this is not a joke! Sterling Bank has just shocked Nigeria today o! My neighbor Justina just transferred N100k and no charges! God bless Sterling Bank!”

Sterling Bank’s move sets a new industry precedent, adding pressure on competitors to reconsider their transaction fee structures. The initiative aligns with the bank’s broader vision to revolutionize digital banking by making financial services more transparent, ethical, and customer-friendly.

“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.”

Sterling Bank’s decision to scrap transfer fees is expected to further accelerate Nigeria’s transition toward a fully digital banking ecosystem, fostering greater financial inclusion and customer trust.

About Sterling Bank Sterling Bank is a full-service national commercial bank in Nigeria, committed to fostering a more equitable and sustainable future through its HEART strategy, which focuses on investments in Health, Education, Agriculture, Renewable Energy, and Transportation. With a strong reputation for innovation and customer advocacy, Sterling continues to lead with impact, empathy, and execution.

The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Program.

According to reports, the loan was granted on March 28, 2025, marking a critical step in addressing Nigeria’s economic challenges by expanding access to livelihood support, food security services, and grants for poor and vulnerable households and businesses.

The initiative, officially titled the NIGERIA: Community Action for Resilience and Economic Stimulus Program, is designed to provide essential support to households affected by economic downturns while strengthening community resilience.

The program specifically targets vulnerable populations, offering grants to both households and small businesses to cushion the effects of economic hardships.

A source familiar with the development noted that the loan approval is expected to enhance Nigeria’s grassroots economic recovery efforts, particularly as the country battles inflation and rising living costs.

The stimulus package will focus on improving food security and expanding economic opportunities for communities hardest hit by recent financial challenges.

@Goldmynetv reports that in addition to this fresh loan, the World Bank is expected to approve additional facilities later this week, a move that could further impact Nigeria’s debt profile.

Fidelity Bank Plc, a leading financial institution, has announced its 2024 full-year audited financial statements, recording an impressive 210% growth in Profit Before Tax (PBT) to N385.2 billion.

According to the financial results released on the Nigerian Exchange (NGX) on March 28, 2025, the bank’s Gross Earnings surged by 87.7% to N1,043.4bn, driven by a 106.9% rise in interest and similar income to N950.6bn.

This growth was fueled by improved yields on earning assets and a 51.6% expansion in its earnings base to N6.3tn. Consequently, Profit After Tax (PAT) rose by 179.6% to N278.1 billion.

“We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments. Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024,” said Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc.

A deeper analysis of the bank’s performance revealed that net interest income surged by 127.1% to N629.8 billion, benefiting from a high-yield environment. Fidelity Bank maintained a low-cost deposit profile at 92.6%, which helped increase its Net Interest Margin from 8.1% in FY 2023 to 12.0% in FY 2024.

In the corporate and retail banking segments, customer deposits grew by 47.9% from N4.0tn in FY 2023 to N5.9tn, with all deposit types experiencing double-digit growth. The retail banking division witnessed strong momentum, with savings deposits rising by 28.8% to N1.1tn, marking the 10th consecutive year of double-digit growth.

Despite the economic challenges in 2024, Fidelity Bank expanded its Net Loans & Advances from N3.1tn in FY 2023 to N4.4tn in FY 2024, further supporting Nigeria’s real sector.

“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment, we have declared a final dividend of N1.25 per share, bringing the total dividend for the 2024 financial year to N2.10 per share,” Onyeali-Ikpe added.

Fidelity Bank, which has consistently paid dividends since 2006, will distribute the declared dividend on April 29, 2025, subject to shareholders’ approval at its Annual General Meeting (AGM) scheduled for April 29, 2025. The register of members will close on April 15, 2025.

The bank successfully completed the first phase of its capital-raising exercise in 2024, with its Public Offer and Rights Issue oversubscribed by 237.92% and 137.73%, respectively. This led to a capital inflow of N175.9bn, improving its Capital Adequacy Ratio (CAR) to 23.5%. Fidelity Bank aims to complete the second phase by Q3 2025, strengthening its capital base and reaffirming its status as a Tier 1 Bank.

Fidelity Bank Plc serves over 9.1 million customers across 251 business offices and various digital banking platforms in Nigeria and the UK. It has received multiple accolades, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay BAFI Awards, the Most Innovative Mobile Banking Application award by Global Business Outlook, and the Best Bank for SMEs in Nigeria by Euromoney Awards for Excellence.