Nigerians have saved more than ₦2 billion following Sterling Bank’s bold decision to eliminate transfer fees, marking a significant shift in the country’s banking landscape. One year after introducing its Zero Transfer Fees policy, the bank says the initiative has directly returned substantial value to customers while redefining how financial institutions generate revenue.
Launched on April 1, 2025, the policy removed charges on transfers conducted through the bank’s digital platform, OneBank. This made Sterling Bank the first major Nigerian lender to forgo earnings from routine online transactions, challenging a long-standing industry practice where such fees were widely accepted.
According to the bank, the move was a strategic effort to shift focus from profiting off customer activity to enabling seamless financial interactions. By doing so, it aimed to build a more customer-centric model that prioritizes accessibility and long-term engagement over transactional income.
Chief Executive Officer Abubakar Suleiman said the decision was intentional and rooted in a broader vision to deliver meaningful value. He noted that the results over the past year have validated both the idea and the bank’s operating model, with increased adoption across individuals, small businesses, and digital-first users.
The initiative has also driven higher transaction volumes and strengthened financial inclusion by encouraging more Nigerians to engage with formal banking channels. Behind this success is Sterling’s ongoing digital transformation, which includes migrating from legacy systems to a fully homegrown core banking platform supported by a scalable private cloud infrastructure.
Chief Marketing Officer Donatus Okpako described the milestone as both a reflection of progress and a preview of future innovation. He emphasized that the policy demonstrates the possibility of running a profitable yet customer-friendly banking system.
As Sterling Bank looks ahead, it maintains that the Zero Transfer Fees initiative will remain central to its strategy, continuing to deliver tangible benefits while reshaping expectations across Nigeria’s financial sector.
