Sterling Bank has eliminated transfer fees on its digital banking platform in a significant move that changes the dynamics of the Nigerian banking sector.
This decisive move makes Sterling the first major Nigerian bank to forgo earning a cut from customer transactions on its own app.
The initiative marks a turning point in the industry and reflects the bank’s deep-rooted commitment to building a future where banking is affordable, accessible, and in tune with the everyday needs of Nigerians.
The chief executive officer of Sterling Bank, Abubakar Suleiman explained that the decision stems from years of digital transformation.
“The bank built a custom callback system capable of handling over five million customers, already processing more than 180 million transactions.
It also migrated entirely from a legacy European core to a homegrown platform built for scale, and deployed a private cloud environment with capacity well beyond current and future demand,” he said.
According to Suleiman, we have engineered a platform that can support 50 times our current customer base without breaking a sweat. It is time to pass the benefits of that transformation back to the people.
He added that “the zero-transfer-fee policy applies exclusively 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.”
Suleiman said, “we are taking sides with the customer, with the small business owner, with every Nigerian tired of being nickel-and-dimed by the system.”
The Growth executive leading the Consumer and Business Banking Directorate, Obinna Ukachukwu said the policy is both a reward for loyal customers and an invitation to new ones.
“We owe this to the customers who stuck with us through our transformation journey and we are also opening the door to anyone ready to bank differently,” he noted.
He added that Sterling’s next steps would involve layering on even more value in the months ahead, targeting both individuals and businesses with tools that improve financial well-being and fuel economic growth.
“We still bear a portion of the transaction costs, including fees payable to other banks. But we are doing this because we believe it is right. And if others in the industry follow suit, we all win,” Ukachukwu concluded.
Sterling Bank is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity and a steadfast focus on its HEART strategy.
As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, proving that purpose-driven leadership can unlock transformative outcomes for individuals, businesses, and society at large.
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