Sterling Bank Revolutionizes Nigerian Banking With Fee-Free Transfers
By The People’s Voice Nigeria | News
In a groundbreaking initiative aimed at reshaping the Nigerian banking landscape, Sterling Bank has announced the removal of transfer fees for users of its digital platform, OneBank. This move positions Sterling Bank as the first major Nigerian bank to eliminate fees on customer transactions within its app, setting a bold precedent in the industry.
During a press briefing in Lagos, Abubakar Suleiman, Chief Executive Officer of Sterling Bank, declared the bank’s intention to transform banking into a service that is affordable and accessible for all Nigerians. “For years, customers have paid fees just to move their own money. We’re putting an end to that. This is not a gimmick—it’s the future, and it begins now,” Suleiman emphasized.
Sterling Bank’s decision follows years of technological advancements, including the creation of a scalable system capable of supporting over five million customers and processing more than 180 million transactions. The bank has also migrated from a legacy European system to a custom-built, homegrown platform and deployed a private cloud with capacity far beyond current demand.
“This transformation allows us to operate at a scale unimaginable just a few years ago, and we believe it’s time to pass these benefits directly to our customers,” Suleiman explained.
The fee-free policy, exclusive to OneBank users, comes with additional perks for new customers who sign up before April 30, including a complimentary AfriGo debit card and lifetime access to zero-fee transfers.
“This is more than an update; it’s an economic statement,” Suleiman added. “We are taking sides with Nigerians—the small business owner, the everyday customer, anyone weary of unnecessary banking fees.”
Obinna Ukachukwu, Growth Executive for the Consumer and Business Banking Directorate, stressed that the initiative is both a reward for loyal customers and an invitation to new ones. He noted that the bank remains committed to improving financial wellbeing and fostering economic growth.
Though Sterling Bank will continue to bear transaction-related costs payable to other banks, Ukachukwu stated that the bank is leading by example and urged others in the industry to follow suit for the benefit of all.