Sterling Bank has taken a bold step that could reshape the Nigerian banking scene. The bank has scrapped transfer fees on OneBank, its digital banking app, becoming the first major Nigerian bank to do so.
According to CEO Abubakar Suleiman, the decision shows where the bank stands, with the everyday Nigerian. “This isn’t a gimmick,” he said during a press briefing in Lagos. “For years, people paid fees just to move their own money. We’re putting an end to that.”
Built for the Future, Driven by Innovation
Sterling’s decision comes after years of digital transformation. The bank developed its own system, now handling over 180 million transactions and supporting more than five million customers. Moreover, it shifted from a foreign core system to a locally built, scalable platform.
“We’ve engineered a platform that can support 50 times our current base,” Suleiman explained. “Now, we’re returning those benefits to our users.”
This shift also included the launch of a private cloud, designed to meet both present and future demand.
Join in April, Enjoy Lifetime Perks
The zero-fee policy applies only to OneBank users. New customers who register by April 30 will receive a free AfriGo debit card and lifetime access to free transfers.
Obinna Ukachukwu, who leads Consumer and Business Banking, noted that this offer rewards long-time users while inviting new ones. “We appreciate the customers who stood by us,” he said. “And we welcome anyone ready for a new way to bank.”
Challenging the Status Quo
Even though Sterling still covers interbank fees, the leadership believes it’s a step worth taking. Ukachukwu said the bank hopes others will follow.
“We’re doing this because it’s right,” he said. “And if others join us, we all benefit.”
About Sterling Bank
Sterling Bank focuses on innovation, inclusion, and long-term impact. Through its HEART strategy, Health, Education, Agriculture, Renewable Energy, and Transportation, it strives to create solutions that improve lives and grow the economy.
