… Eliminates Bank Transfer Fees on OneBank App
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| L-R Maurice Igugu, Chief Marketing Officer Sterling Bank; Obinna Ukachukwu, Growth Executive, leading the Consumer and Business Banking Directorate Sterling Bank Sterling Bank; Uti Ellu, Group Head, Customer Experience Strategy Sterling Bank and Abubakar Suleiman, MD/CEO Sterling Bank, at the official press conference to formally unveil the Zero Transfer Fee Policy in Lagos recently. |
In a groundbreaking move that redefines customer-centered banking in Nigeria, Sterling Bank has officially scrapped transfer fees on its digital banking platform, OneBank. With this decision, Sterling becomes the first major Nigerian financial institution to voluntarily relinquish its earnings from customer transaction charges on its own digital platform.
This bold initiative represents a significant pivot in the Nigerian banking industry and demonstrates Sterling Bank’s commitment to making banking more affordable, accessible, and aligned with the daily realities of the average Nigerian.
“This is not a gimmick. This is the future. And it starts now,” said Abubakar Suleiman, CEO of Sterling Bank, during a press briefing in Lagos. “For years, Nigerians have paid fees just to move their own money. We’re saying no more.”
Suleiman noted that this shift is the result of Sterling’s long-term investment in digital transformation. The bank has built a custom callback system capable of serving over five million customers, already processing more than 180 million transactions, and has transitioned from a legacy European core to a locally developed, scalable platform. Additionally, the bank deployed a private cloud environment designed to exceed future demands.
“We’ve engineered a platform that can support 50 times our current customer base without breaking a sweat,” Suleiman emphasized. “It’s time to pass the benefits of that transformation back to the people.”
The zero-transfer-fee policy is available exclusively to users of OneBank, Sterling’s flagship digital app. To mark this shift, new customers who sign up before April 30th, 2025, will also receive a complimentary AfriGo debit card and lifetime access to fee-free transfers.
“This is more than a product update. It’s an economic statement,” Suleiman added. “We are taking sides with the customer, with the small business owner, with every Nigerian tired of being nickel-and-dimed by the system.”
Obinna Ukachukwu, Growth Executive in charge of the Consumer and Business Banking Directorate, described the new policy as both a reward for loyal customers and an invitation to new ones.
“We owe this to the customers who stuck with us through our transformation journey,” Ukachukwu said. “And for those who join us this April, you’re family now—you get the same lifetime benefits.”
He further revealed that Sterling’s upcoming plans include rolling out even more value-driven tools for individuals and businesses, aimed at enhancing financial wellbeing and powering economic growth.“We still bear a portion of the transaction costs, including fees payable to other banks. But we’re doing this because we believe it’s right. And if others in the industry follow suit, we all win,” Ukachukwu concluded.
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