One year after breaking away from traditional banking charges, Sterling Bank has announced that its Zero Transfer Fees policy has returned more than N2 billion to customers, significantly reducing the cost of everyday banking.
Introduced on April 1, 2025, the initiative scrapped transfer fees on the bank’s digital platform, OneBank, making it the first major Nigerian bank to eliminate charges on online transactions.
The move marked a shift in banking strategy, prioritising customer value over transaction-based revenue. By removing fees long considered standard in the industry, Sterling Bank sought to redefine its relationship with customers.
Chief Executive Officer, Abubakar Suleiman, said the decision was intentional and driven by a commitment to deliver real value.
“We chose to stop charging for money transfers and instead focus on creating meaningful value for customers. One year later, the results affirm both the idea and the strength of our model,” he said.
Over the past year, millions of users—including individuals, small businesses, and digital-savvy customers—have benefited from free transfers. The policy has also driven higher transaction volumes, improved financial inclusion, and increased engagement with formal banking channels.
The bank attributed its ability to sustain the initiative to its long-term digital transformation, including the development of a homegrown core banking system and a scalable private cloud infrastructure.
According to Suleiman, the transformation was designed to build capacity, enhance service delivery, and enable growth—allowing the bank to pass the benefits back to customers once the system matured.
Chief Marketing Officer, Donatus Okpako, described the milestone as both a validation of the bank’s approach and a sign of future direction.
“This initiative proves that a bank can remain commercially strong while being fair to its customers. The N2 billion saved represents real impact and relief, and it will continue to shape our innovation going forward,” he said.
