Sterling Bank Deepens Customer Value With ₦1.6bn Zero Fee Impact

Sterling Bank has disclosed that Nigerians have saved over ₦1.6 billion in transfer charges one year after the lender introduced its zero transfer fees policy on digital transactions.

The bank made this known in a statement marking the first anniversary of the initiative, which was launched on April 1, 2025, through its OneBank digital platform.

The policy, which eliminated transfer fees for customers, positioned Sterling as the first major Nigerian bank to waive charges on online transfers, a move that has since impacted millions of users across the country.

Chief Executive Officer of Sterling Bank, Abubakar Suleiman, said the decision was part of a deliberate strategy to redefine value in banking by prioritising customer benefit over transaction-based revenue.

“We made a deliberate decision to stop charging for the movement of money and to build our model around delivering real value instead. One year on, the outcome has validated both the principle behind that choice and the strength of the model itself,” Suleiman said.

He noted that the initiative has driven increased adoption among individuals, small businesses, and digital banking users, while also contributing to financial inclusion and higher transaction volumes.

According to the bank, the sustainability of the zero-fee policy is anchored on its ongoing digital transformation, including the deployment of a homegrown core banking platform and scalable infrastructure.

Chief Marketing Officer of the bank, Donatus Okpako, described the milestone as a reflection of the bank’s commitment to fairness and customer-focused innovation.

“This initiative has challenged long-held assumptions about how banks create value. The ₦1.6 billion represents real relief and a shift in favour of customers,” Okpako said.

He added that the bank would continue to expand its offerings in payments, savings, and credit to improve financial access and outcomes for Nigerians.

Industry stakeholders have also noted that the initiative is influencing broader conversations around pricing transparency and customer value in Nigeria’s banking sector.

Sterling Bank reaffirmed its commitment to sustaining the policy while deepening investments in technology and expanding access to financial services.