Sterling Bank Marks One Year Of Zero Transfer Fees

Sterling Bank has said Nigerians have saved more than N2 billion in transfer charges following the implementation of its zero transfer fee policy, one year after introduction.

The policy, launched on April 1, 2025, eliminated transfer fees on the bank’s digital platform, OneBank, making Sterling Bank the first major financial institution in Nigeria to waive charges on online transactions.

The chief executive officer of Sterling Bank, Abubakar Suleiman, said the decision was aimed at redefining value in banking by prioritising customer benefit over transaction-based earnings.

He noted that the initiative had delivered measurable results over the past 12 months, with millions of customers benefiting from fee-free transfers across individual, small business, and digital banking segments.

According to him, the policy has also contributed to increased transaction volumes, improved financial inclusion, and stronger engagement with the formal banking system.

Suleiman attributed the initiative’s sustainability to the bank’s ongoing digital transformation, including the development of a homegrown core banking platform and a scalable private cloud infrastructure.

He explained that the bank’s investment in technology was designed to enhance service delivery and support long-term growth, enabling it to pass on cost savings to customers.

Also speaking, the chief marketing officer of Sterling Bank, Donatus Okpako, described the anniversary as a significant milestone, adding that the initiative had challenged traditional assumptions about revenue generation in the banking sector.

He said the bank would continue to expand its offerings in payments, savings, and credit, with a focus on improving financial outcomes and increasing access to banking services.

Industry analysts said the move has begun to influence discussions around pricing transparency and customer value within Nigeria’s financial services sector.

Sterling Bank said it remains committed to deepening its investment in technology and enhancing customer experience as it enters the second year of the zero transfer fee policy.