Gisthood 
Sterling Bank has announced the complete removal of transfer fees on its OneBank digital platform. This pioneering initiative positions Sterling as the first major Nigerian bank to eliminate internal transaction fees for customers using its own app.
“This is not a gimmick. This is the future. And it starts now,” declared Abubakar Suleiman, Chief Executive Officer of Sterling Bank, at a press conference in Lagos. “For years, Nigerians have paid fees just to move their own money. We’re saying no more.”
A Technological Leap Forward
The bank’s bold decision follows years of strategic investment in digital transformation. Sterling Bank developed a proprietary callback system capable of serving over five million customers and currently handling more than 180 million transactions. Additionally, it transitioned from a legacy European banking core to a fully local, scalable platform housed within a private cloud infrastructure designed to exceed current and future demand.
“We’ve engineered a platform that can support 50 times our current customer base without breaking a sweat,” Suleiman stated. “It’s time to pass the benefits of that transformation back to the people.”
Exclusive Benefits for OneBank Users
Reports says the zero-transfer-fee policy is available exclusively to users of OneBank. New customers who join the platform before April 30 will receive a complimentary AfriGo debit card and enjoy lifetime access to free transfers.
“This is more than a product update. It’s an economic statement,” Suleiman emphasized. “We are taking sides with the customer, with the small business owner, with every Nigerian tired of being nickel-and-dimed by the system.”
Rewarding Loyalty, Welcoming Newcomers
Obinna Ukachukwu, Growth Executive for the Consumer and Business Banking Directorate, described the move 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. “We are also opening the door to anyone ready to bank differently. If you join us in April, you’re family, so you get the same lifetime benefits.”
He added that Sterling Bank will continue to deliver added value to both individuals and businesses, with future initiatives focused on improving financial wellbeing and driving economic growth.
A Call for Industry-Wide Change
Despite the ongoing costs Sterling will continue to absorb, including interbank transaction fees, Ukachukwu remains optimistic. “We’re doing this because we believe it’s right. And if others in the industry follow suit, we all win.”
About Sterling Bank
Sterling Bank is a purpose-driven financial institution dedicated to delivering innovation, accessibility, and impact through its HEART strategy Agriculture, Health, Education, Agriculture, Renewable Energy, and Transportation. As a digital banking pioneer and advocate for financial inclusion, Sterling is committed to reshaping the banking landscape for a better, more equitable future.
