One year after shaking up Nigeria’s banking space, Sterling Bank says its bold decision to scrap digital transfer fees has already put more than ₦2 billion back into customers’ pockets.
The policy, introduced on April 1, 2025, removed transfer charges on the bank’s digital platform, OneBank, making Sterling the first major Nigerian bank to eliminate fees on online transfers — a move that challenged a long-standing industry norm.
According to the bank’s CEO, Abubakar Suleiman, the decision was intentional and aimed at redefining how banks create value. Instead of profiting from routine transactions, the bank chose to focus on making banking easier and more beneficial for customers.
“We took a conscious step to stop charging people for moving their own money,” Suleiman said, noting that the results over the past year have confirmed the strength of the model and the thinking behind it.
Since the policy began, millions of users including individuals, small businesses, and digital-first customers — have taken advantage of free transfers, driving a surge in transaction activity and encouraging more Nigerians to use formal banking channels.
Sterling says its ability to sustain the initiative stems from years of digital transformation. The bank has moved away from legacy systems to a fully homegrown core banking platform supported by a scalable private cloud designed to handle growing demand.
Chief Marketing Officer, Donatus Okpako, described the anniversary as both a milestone and a signal of the bank’s future direction. According to him, the initiative proves that financial institutions can remain profitable while treating customers more fairly.
He added that Sterling plans to expand its services across payments, savings, and credit products, with a continued focus on improving financial outcomes and widening access to banking services.
Industry watchers say the bank’s move has sparked wider conversations about pricing transparency and the real cost of banking in Nigeria’s financial sector.
As Sterling enters the second year of its zero-transfer-fee policy, the bank says it will continue investing in technology and innovation while pushing for a more customer-friendly approach to banking across the country.
