Sterling Bank Takes a Stand: No More Transfer Fees for Nigerians

Sterling Bank Takes a Stand: No More Transfer Fees for Nigerians

By prince Benson Davies

In a significant move to alleviate the financial burden on Nigerians, Sterling Bank has announced the elimination of bank transfer fees. This bold decision demonstrates the bank’s commitment to supporting the economic well-being of its customers and the broader Nigerian community. By scrapping transfer fees, Sterling Bank aims to promote financial inclusion, reduce transaction costs, and enhance the overall banking experience for its customers. This initiative is expected to have a positive impact on the lives of millions of Nigerians, particularly those who rely on frequent transactions for their daily financial activities.

“This is not a gimmick. This is the future. And it starts now,” said Abubakar Suleiman, Chief
Executive Officer 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 explained that the decision stems from years of digital transformation. The bank builtba custom callback system capable of handling over five million customers, already processing more than 180 million transactions. It also migrated entirely from a legacy European core to a homegrown platform built for scale, and deployed a private cloud environment with capacity
well beyond current and future demand.

“We’ve engineered a platform that can support 50 times our current customer base without breaking a sweat,” Suleiman added. “It’s time to pass the benefits of that transformation back to the people.”

The zero-transfer-fee policy applies exclusively to users of OneBank, Sterling’s flagship digital app. New customers who sign up before April 30 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 said. “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 leading the Consumer and Business Banking
Directorate, said the policy is 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’s next steps would involve layering on even more value in the months ahead, targeting both individuals and businesses with tools that improve financial wellbeing and fuel 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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About Sterling Bank
Sterling Bank is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity and a steadfast focus on it’s HEART strategy. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, proving that purpose-driven leadership can unlock transformative outcomes for individuals, businesses, and society at large.