Former Minister of Aviation, Chief Osita Chidoka, at the weekend walked into the Regional Headquarters of Sterling Bank in Abuja to open a personal bank account as a show of solidarity with the bank’s decision to eliminate all charges on local online transfers.
This followed Chidoka’s viral declaration earlier in the week where he pledged to reward the bank for removing transfer charges, which other major banks have refused to do.
The move comes on the heels of Sterling Bank’s historic decision to eliminate all local
transfer charges on its OneBank platform, making it the first major financial institution in
Nigeria to end what many see as a quiet but costly practice.
The April 1 announcement was met with disbelief. Many Nigerians assumed the news
was part of an elaborate marketing gimmick.
However, Sterling swiftly clarified that the zero-transfer-fee policy was a genuine effort to ease the financial burden on its customers and would take effect immediately.
In choosing to forgo billions in potential revenue, the bank delivered a powerful message that profit should never come at the expense of the people.
Chidoka, who had long advocated for the removal of transfer charges, declared support
for the bank’s decision on social media.
“Sterling Bank did the math – and still chose the people,” he wrote in a now-viral post. “They gave up over billions in transfer charges just to give Nigerians breathing room.”
He followed up with a physical visit to the Sterling Bank branch and opening an account in what he described as a “statement of values” and a personal protest on behalf of the average Nigerian.
His visit electrified the banking hall and further set social media abuzz, marking a clarion call
to millions of Nigerians who are weary of additional charges.
According to Chidoka, his decision to open an account at Sterling Bank was an act of protest and a powerful statement of values – a stand for fairness, transparency, and customer-first innovation in the
Nigerian financial system.
Speaking at the visit, Chidoka commended the bank’s courage and foresight, describing the
initiative as a long-overdue intervention in a financial system that has normalized the quiet
extraction of wealth from ordinary citizens.
He emphasised that Nigerian banks report record profits year after year, and yet continue to charge customers between ten to fifty naira pertransfer – millions of times over, despite the minimal actual cost of executing these transactions in a digitized ecosystem.
He went on to say that Sterling Bank had done what others refused to: walk away from over
billions of naira in annual transfer revenue, simply to ease the burden on its customers.
He described this as an extraordinary example of ethical banking and challenged other
financial institutions to follow suit, insisting that Nigerians deserve better.
Referencing his longstanding campaign against banking fees, Chidoka recalled his public
appeals in 2023 to outlaw transfer charges as part of broader efforts to ease the cost of living.
Those calls, he said, fell on deaf ears. Yet Sterling Bank, without regulatory pressure, took
decisive action.
“They didn’t wait for the law,” he remarked. “They led by conscience.”
Drawing a comparison with the telecommunications sector’s transition to per-second billing,
a move once considered economically suicidal until it transformed the industry, Chidoka
asserted that Sterling’s decision could catalyze a similar evolution in Nigerian banking.
“Just as per-second billing empowered millions, free transfers will do the same. If the top four banks
in Nigeria earned a combined ₦186 billion from transfer charges last year, despite already
posting record profits, then they cannot claim that removing those fees would break them.”
He stressed that money should move freely in a digital economy, and that every naira lost to
unnecessary charges is a naira taken from food, school fees, or small business capital.
“Banks bear these costs in some parts of the world. It is time Nigerian banks did the same.”
As Chidoka concluded his visit, he left behind more than a newly opened bank account; he
left behind a spark.
“We need to start voting with our wallets,” he said. “Let us support institutions that prioritise our welfare, and reject those that profit by exploiting us. If we want better banking, we must reward better
banks.”
Sterling Bank’s decision has already begun to shift public sentiment, with growing calls for
Nigerians to make Friday #OpenSterlingAcctDay – a symbolic rebellion against bank charges
and a show of support for a better, fairer way to bank.
As other prominent Nigerians express interest in following this example, the pressure is mounting on traditional banks to reconsider their position and return power to the people.
In a time when the cost of living continues to rise and public trust in institutions is waning,
Sterling Bank’s move has sparked hope and opened a conversation.
If other banks follow suit, Nigerians may finally see the end of what Chidoka calls “digital oppression.” If they don’t, Nigerians now have a choice and a bank that chose them first.
