Transfer fees removal not a gimmick — Sterling Bank CEO
The removal of bank transfer fees is not a mere marketing tactic, according to Abubakar Suleiman, the Chief Executive Officer of Sterling Bank.
In a bold move that reshapes the landscape of the Nigerian banking sector, Sterling Bank has eliminated transfer fees on its digital banking platform, OneBank.
This decision makes Sterling the first major Nigerian bank to forgo taking a share of customer transactions made on its own app.
This initiative signals a major shift in the industry and underscores the bank’s strong commitment to building a future where banking is affordable, accessible, and better aligned with the daily needs of Nigerians.
“This is not a gimmick. This is the future. And it begins now,” stated Suleiman during a press briefing in Lagos. “For years, Nigerians have been paying fees just to move their own money. We’re saying enough is enough.”
Suleiman elaborated that this decision is the result of years of digital transformation.
The bank has developed a custom callback system capable of supporting over five million customers and has already processed more than 180 million transactions. It also made the switch from a traditional European core to a locally developed platform designed for scalability, and implemented a private cloud environment with capacity far exceeding current and future demands.
“We’ve created a platform that can handle 50 times our current customer base without breaking a sweat,” Suleiman explained. “Now, it’s time to pass the benefits of that transformation back to the people.”
The zero-transfer-fee policy applies solely to users of OneBank, Sterling’s flagship digital app. New customers who sign up before April 30 will also receive a complimentary AfriGo debit card and lifetime access to fee-free transfers.
“This is more than just a product update. It’s a statement about our economy,” Suleiman said. “We are standing with the customer, with the small business owner, with every Nigerian who is tired of being nickel-and-dimed by the system.”
Obinna Ukachukwu, Growth Executive and head of the Consumer and Business Banking Directorate, stated that the policy is both a gesture of appreciation for loyal customers and an invitation to new ones.
“We owe this to the customers who stayed with us throughout our transformation journey,” Ukachukwu explained. “We are also welcoming anyone ready to experience banking in a different way. If you join us in April, you become part of the family, and you’ll enjoy the same lifetime benefits.”
He added that Sterling’s next steps will include offering even more value in the coming months, with plans to support both individuals and businesses with tools that enhance financial wellbeing and contribute to economic growth.
“We still bear a portion of the transaction costs, including fees payable to other banks. But we’re doing this because we believe it’s the right thing to do. And if others in the industry follow our lead, we all benefit,” Ukachukwu concluded.
