By NewsDesk
In a move to shake up Nigeria’s banking landscape, Sterling Bank has announced the elimination of transfer fees on its flagship digital banking platform, OneBank, becoming the first major Nigerian bank to take this bold step.
The initiative, which takes immediate effect, is a direct shot at industry norms and marks a defining moment in Sterling Bank’s digital transformation journey.
“This is not a gimmick. This is the future. And it starts now,” said Abubakar Suleiman, Chief Executive Officer of Sterling Bank, during a press briefing in Lagos. “For years, Nigerians have paid fees just to move their own money. We’re saying no more.”
According to Suleiman, the decision to scrap transfer fees stems from years of internal restructuring and tech innovation. Sterling Bank has invested in a custom callback system capable of serving over five million customers and has already processed more than 180 million transactions. The bank also ditched its European legacy core banking system in favor of a scalable, homegrown platform and deployed a private cloud environment far exceeding current demand.
“We’ve engineered a platform that can support 50 times our current customer base without breaking a sweat,” he said. “It’s time to pass the benefits of that transformation back to the people.”
Free Transfers, Free Cards, and a Welcome Invitation
The zero-fee policy applies exclusively to users of the OneBank app. New users who sign up before April 30 will also receive a free AfriGo debit card and lifetime access to fee-free transfers, a move designed to boost financial inclusion and reward digital adoption.
“This is more than a product update. It’s an economic statement,” Suleiman emphasized. “We are taking sides with the customer, with the small business owner, with every Nigerian tired of being nickel-and-dimed by the system.”
Obinna Ukachukwu, Sterling Bank’s Growth Executive leading the Consumer and Business Banking Directorate, said the initiative is both a reward for loyal users and an invitation to anyone seeking a smarter banking experience.
“We owe this to the customers who stuck with us through our transformation journey,” Ukachukwu said. “We are also opening the door to anyone ready to bank differently. If you join us in April, you’re family, so you get the same lifetime benefits.”
Ukachukwu acknowledged that Sterling Bank will continue to bear a portion of transaction costs, including interbank fees, but said the bank is driven by purpose, not profit alone.
“We’re doing this because we believe it’s right. And if others in the industry follow suit, we all win,” he concluded.
A New Era in Nigerian Banking?
Sterling Bank’s bold step could trigger a ripple effect across the banking industry, challenging rivals to rethink revenue models and prioritize customer value. With its HEART strategy, focusing on Health, Education, Agriculture, Renewable Energy, and Transportation, Sterling continues to champion purposeful banking.
As financial institutions race to modernize and digitize, Sterling’s zero-transfer-fee policy could very well redefine the rules of customer engagement, and the future of banking in Nigeria.