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Sterling Bank has marked one year since the launch of its zero transfer fee policy, revealing that customers have collectively saved more than N2 billion—signaling a significant shift in Nigeria’s digital banking landscape.
Introduced on April 1, 2025, the initiative eliminated transfer charges on the bank’s digital platform, OneBank, making it the first major financial institution in Nigeria to waive fees on online transactions. The move has since redefined customer expectations and challenged traditional revenue models within the banking sector.
At its core, the policy reflects a strategic pivot towards customer-centric banking, prioritising value creation over transaction-based earnings. In a market where transfer fees were long considered standard, Sterling Bank’s approach has reshaped how financial institutions engage with users while supporting broader goals around financial compliance, compliance technology, and digital inclusion.
Speaking on the milestone, the Chief Executive Officer of Sterling Bank, Abubakar Suleiman, said the decision was intentional and rooted in long-term value delivery.
“We made a deliberate choice to eliminate charges on money transfers and instead build a model that delivers meaningful value to our customers. One year later, the results validate both our strategy and its impact,” he said.
He further noted that the bank’s digital transformation journey was designed not just to adopt technology, but to build scalable infrastructure capable of supporting innovation, compliance automation, and seamless financial services delivery.
Also commenting, the Chief Marketing Officer, Donatus Okpako, described the initiative as a turning point for the industry.
“This milestone challenges long-standing assumptions about how banks generate value. It demonstrates that a financially sustainable institution can also prioritise fairness and customer benefit. The N2 billion saved represents tangible impact and a shift toward more equitable banking,” he said.
Sterling Bank disclosed that it will continue to expand its digital offerings across payments, savings, and credit services, with a focus on improving customer outcomes and broadening access to financial services. The strategy aligns with evolving regulatory frameworks, compliance management systems, and the growing demand for transparent, technology-driven banking solutions.
Industry observers note that the initiative could accelerate competition within Nigeria’s banking sector, encouraging other institutions to rethink pricing models while leveraging RegTech innovations, fraud detection, and risk assessment tools to sustain growth.
As digital banking adoption deepens, the zero-fee model highlights a broader trend where financial institutions are balancing profitability with customer value, while strengthening regulatory compliance and enhancing trust in the financial ecosystem.
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