In a groundbreaking move that challenges industry norms, Sterling Bank has scrapped transfer fees on its digital banking platform, OneBank, becoming the first major Nigerian bank to fully eliminate charges on in-app transactions.
This bold decision reflects the bank’s long-term digital transformation and deep-seated commitment to customer empowerment and financial inclusion.
“This is not a gimmick. This is the future. And it starts now,” said Abubakar Suleiman, Managing Director and Chief Executive Officer of Sterling Bank, at a recent press conference in Lagos.
Suleiman said the move aims to end the longstanding practice of charging Nigerians to move their own money. He noted that the bank’s technology transformation—marked by the development of a custom callback system, migration from a European legacy core to a scalable, homegrown platform, and deployment of a robust private cloud—has made such a step not only possible, but imperative.
“We’ve built a system that can support 50 times our current customer base without strain. Now, we’re passing those benefits back to the people,” he added.
Policy Details
The zero-transfer-fee offer is exclusively available to users of OneBank, Sterling’s flagship mobile banking app. New customers who join before 30 April will also receive a complimentary AfriGo debit card and lifetime access to fee-free transfers.
Describing the initiative as an economic statement rather than just a product update, Suleiman emphasised the bank’s stance:
“We’re siding with the everyday Nigerian. With the small business owner. With anyone tired of being nickel-and-dimed by the system.”
Rewarding Loyalty and Welcoming New Customers
Obinna Ukachukwu, Growth Executive leading Sterling’s Consumer and Business Banking Directorate, described the policy as both a reward for loyal customers and an invitation to new ones.
“This is for everyone who stood by us through our digital transformation. And for anyone ready to bank differently, now is the time,” he said.
Ukachukwu revealed that Sterling is still absorbing some costs, including inter-bank transaction fees, but insisted that the decision is values-driven.
“We’re doing this because we believe it’s right. And if others in the industry follow, everyone benefits.”
He also hinted at future plans to deliver even more value through tools aimed at enhancing personal and business financial wellbeing.
About Sterling Bank
Sterling Bank is a forward-thinking financial institution driven by its HEART strategy—Health, Education, Agriculture, Renewable Energy, and Transportation. Known for championing innovation and inclusion, Sterling continues to lead with purpose, proving that customer-first banking can transform lives and society at large.