In a bold move that’s reshaping the Nigerian banking landscape, Sterling Bank has eliminated transfer fees on its digital banking platform, OneBank, becoming the first major bank in the country to do so.
This decision marks a major shift in how Nigerian banks operate, putting customers at the center of the experience and signaling a future where digital banking is more accessible, affordable, and user-friendly.
Banking That Works for the People
Sterling Bank’s CEO, Abubakar Suleiman, explained that this initiative is the result of years of digital transformation and infrastructure investment.
“We built a custom callback system capable of handling over five million customers and already processing more than 180 million transactions,” Suleiman said.
The bank has fully migrated from a legacy European core to a homegrown platform built for scale and deployed a private cloud system capable of handling 50 times its current customer base.
“It’s time to pass the benefits of that transformation back to the people,” he added.
What Customers Stand to Gain
-
Zero transfer fees for all users of OneBank, Sterling’s digital banking app
-
Free AfriGo debit card for new customers who sign up before April 30
-
Lifetime access to fee-free transfers
The initiative is targeted not only at rewarding existing customers but also attracting new users who are ready to embrace a better banking experience.
Backing Small Businesses and Everyday Nigerians
According to Sterling’s Growth Executive, Obinna Ukachukwu, this policy is more than a business decision — it’s a stand for fairness and financial inclusion.
“We are taking sides with the customer, with the small business owner, with every Nigerian tired of being nickel-and-dimed by the system,” he said.
While the bank still bears some transaction costs, Ukachukwu believes this is a necessary step for driving progress.
“If others in the industry follow suit, we all win,” he concluded.
What’s Next for Sterling?
Sterling Bank promises to build on this momentum by introducing new features and tools designed to:
-
Improve financial well-being
-
Support small businesses
-
Fuel economic growth
With its HEART strategy (Health, Education, Agriculture, Renewable energy, and Transportation), Sterling is positioning itself as a purpose-driven institution committed to building a stronger, more inclusive financial future for all Nigerians.
