Elimination Of Transfer Fees Is The Future – Sterling Bank CEO, Suleiman
In a bold move that resets the rules of engagement in the Nigerian banking sector, Sterling Bank has removed transfer fees on its digital banking platform, OneBank. This decisive move makes Sterling the first major Nigerian bank to forgo earning a cut from customer transactions on its own app.
The initiative marks a turning point in the industry and reflects the bank’s deep-rooted commitment to building a future where banking is affordable, accessible, and in tune with the everyday needs of Nigerians.
“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.
