Sterling Bank leads charge for fee-free banking

Sterling Bank has eliminated transfer fees on its OneBank digital platform, a bold move aimed at reshaping the banking experience in Nigeria.

The announcement was made by the bank’s Chief Executive Officer, Abubakar Suleiman, during a press briefing in Lagos.

He explained that the initiative reflects Sterling Bank’s commitment to making banking more affordable and accessible for Nigerians.

According to Suleiman, Sterling is the first major Nigerian lender to completely waive fees for customer transactions conducted via its own app, signaling a significant industry shift.

“We believe banking should be a tool for economic empowerment, not a means of extracting wealth from our customers. This is not a gimmick. This is the future. And it starts now,” he declared.

Suleiman emphasized that Nigerians have been burdened with banking charges for too long, adding, “It’s time to end this practice and give customers the freedom to manage their finances without unnecessary charges.”

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The decision is rooted in years of digital innovation driven by homegrown technology. Suleiman said the bank chose to build and invest in its own systems rather than rely on third-party platforms.

These investments include a custom-built callback system and a migration to a proprietary platform capable of handling 50 times the current customer base.

This shift has allowed the bank to reduce operational costs and redirect those savings to benefit customers.

The zero-transfer-fee policy applies exclusively to OneBank users. New customers also receive a complimentary AfriGo debit card and enjoy lifetime fee-free transfers.

Describing the move as an “economic statement,” Suleiman said it aligns the bank with everyday customers and small business owners weary of excessive charges.

“We’re not just talking about small change; we’re talking about significant amounts of money that can make a real difference in people’s lives. By removing transfer fees, we’re giving our customers more control over their finances and helping them achieve their goals,” he said.

Also speaking, Obinna Ukachukwu, Growth Executive, Consumer and Business Banking, explained that the policy is designed to reward loyal customers while attracting new ones with lifetime benefits for those who join in April.

“We’re committed to building long-term relationships with our customers, not just transactional ones,” Ukachukwu stated.

He added that Sterling Bank plans to roll out new products and services, including digital payment solutions and microfinance tools aimed at improving financial wellbeing for individuals and businesses.

Although the bank will continue to bear the cost of transactions, Ukachukwu affirmed that the decision is a strategic one made in the best interest of customers.

“We’re willing to take a hit to our bottom line if it means creating a more customer-friendly banking environment,” he said.

Sterling’s bold step may be a sign of change in the Nigerian banking sector, setting a new standard others may soon follow.

NAN