In this report, ENigeria News takes a deep look into key factors that prove that Sterling Bank’s “free transfer” campaign may be a huge scam, and should not be taken seriously.
Sterling Bank is a struggling Nigerian lender that has built a reputation for its disruptive marketing strategies, often leveraging controversy and trends to generate buzz.
Not surprisingly, as a Tier 2 bank in Nigeria, the lender is bedeviled with the same skepticism and stigmatization that plague other financial institutions in its cadre, and this is stemming from their smaller market share, weaker financial strength, and more often than not declining customer confidence.
ENigeria News reports that rather than addressing these fundamental issues, Sterling Bank has perfected the art of attention-grabbing stunts, even at the expense of public sensitivity. A key example was its infamous 2022 Easter media advert, where the bank impulsively compared the resurrection of Jesus Christ to the rising of Agege bread. The backlash was severe: aggrieved customers rushed to close their accounts, corporate organizations threatened withdrawals, and advertising regulators sanctioned the bank. Only after immense pressure did Sterling Bank reluctantly issue a half-hearted apology.
This pattern of extremism for publicity raises serious questions about the bank’s latest stunt—the “Free Transfer Campaign.”
A Desperate Ploy for Relevance?
In 2025, Sterling Bank suddenly positioned itself as a “messiah” of Nigerian banking, declaring free transfers and urging other banks—including financially stronger Tier 1 banks—to follow suit for “the greater good.” But given the bank’s history of gimmicks, this present move reeks of desperation rather than genuine customer-centric innovation.
Consider the following:
1. A Sinking Brand in Distress – Since the 2022 Agege bread debacle, Sterling Bank has struggled with customer retention. In 2024, its migration to a new core banking system, SeaBaaS, left customers locked out of their accounts for months, triggering an another aggressive wave of mass exits of its already declining customer base.
2. Sustainability is a Mirage—The free transfer model lacks a legal or financial framework to ensure long-term viability. With no clear revenue replacement strategy, the campaign appears to be another short-lived PR stunt and notoriety, which the bank is known for.
3. A Possible Recapitalization Scam-The Central Bank of Nigeria (CBN) has mandated Tier 2 banks to recapitalize to the tune of N200 billion. With the deadline looming and with Sterling Bank showing signs of a sinking brand and with no clear path to meeting this requirement, this “free transfer” campaign could be a phishing expedition to attract desperate depositors and inflate its balance sheet to avoid a possible merger.
Why You Should Be Wary of Sterling Bank
While a few public figures, like former Aviation Minister Osita Chidoka and ex-Abia Governor Okezie Ikpeazu, are already ejaculating and romancing the initiative, smart customers should see through the facade.
Under the leadership of Abubakar Suleiman, Sterling Bank has repeatedly prioritized sensationalism over substance, thus plunging the bank into a further media crisis than usual.
Free transfers sound noble, but in reality, this could be:
• A last-ditch effort to regain lost customer trust.
• A deceptive strategy to boost deposits ahead of CBN’s recapitalization deadline.
• Another unsustainable promise that will be quietly rolled back once the hype fades.
Conclusion: Don’t Fall for the Gimmick
Nigerians have seen enough banking scams to recognize one when it appears. Sterling Bank’s free transfer campaign is not a revolution—it’s a well-crafted distraction from its deeper financial struggles.
Before jumping on the bandwagon, customers should ask, If Tier 1 banks with stronger balance sheets haven’t adopted this model, why is a struggling Tier 2 bank pushing for it? The answer is clear—Sterling Bank needs your money more than you need their free transfers.
Smart banking customers should steer clear. This isn’t innovation; it’s a scam.
