Sterling Bank Trendsetting: A Bold CSR Move That Deserves Acclaim

Sterling Bank sets a new CSR Benchmark…

Some weeks ago, CSR Reporters took a bold stance in calling out Nigerian banks for their ever-increasing profit declarations—billions and trillions earned annually—while the average Nigerian continues to grapple with the harsh realities of economic hardship.

We pointed out the glaring disconnect between these soaring profits and the suffering of the very people who generate them: the customers. We urged banks to demonstrate genuine corporate social responsibility by removing the numerous charges imposed on everyday banking transactions, and instead, channel their efforts into initiatives that would directly ease the financial burden on Nigerians.

We are pleased to announce that Sterling Bank of Nigeria has not only heard this call but has acted decisively. In an unprecedented and commendable move, the bank has declared the removal of all forms of charges on both receiving and sending money. This bold step places Sterling Bank as a true trailblazer in responsible and people-centric banking, and CSR Reporters wishes to publicly commend them for this refreshing and humane approach.

Read also: Sterling Bank, LASG Bring Healthcare Closer to Lagosians with Ilera Eko

In a time when the banking sector is often accused of prioritizing profit margins over people, Sterling Bank’s action is a powerful reminder that businesses can indeed make profit without exploiting the masses. True CSR isn’t just about building boreholes or sponsoring events; it is about making impactful, systemic changes that improve the quality of life for ordinary citizens.

We now call on other banks—and indeed, corporate Nigeria at large—to emulate this act of conscience. Telecommunications companies, electricity distribution firms, fintech platforms, and other service providers who benefit from the resilience of the Nigerian consumer must take a hard look at their fee structures and ask themselves: are we lifting people up, or simply weighing them down?

The time has come for a shift. We need more companies to stop seeing CSR as charity or publicity but as an obligation to give back meaningfully and sustainably. Sterling Bank has shown that it is possible. It’s time others followed suit.

Let this be the beginning of a new era—where corporate Nigeria stands not just for profits, but for purpose.