One year after making a decisive break from industry norms, Sterling Bank is marking the anniversary of its Zero Transfer Fees policy, an initiative that has returned over N2 billion directly to customers, fundamentally reshaping the cost of everyday banking in Nigeria.
Launched on April 1, 2025, the policy eliminated transfer charges on Sterling’s digital platform, OneBank, making it the first major Nigerian bank to waive revenue from customer online transactions.
At its core, the decision was a deliberate redefinition of value in banking, shifting away from earning on customer activity to enabling it. In a market where fees had long been accepted as standard, Sterling’s move challenged the status quo and reframed the relationship between banks and the people they serve.
“We made a deliberate decision to stop charging for the movement of money and to build our model around delivering real value instead. One year on, the outcome has validated both the principle behind that choice and the strength of the model itself,” said Abubakar Suleiman, Chief Executive Officer of Sterling Bank.
Over the past 12 months, millions of customers have benefited from fee-free transfers, with adoption accelerating across individuals, small businesses, and digital-first users. Beyond the immediate financial relief, the policy has also contributed to increased transaction volumes, deeper financial inclusion, and stronger engagement with formal banking systems.
Sterling’s ability to sustain the initiative is rooted in its multi-year digital transformation strategy. The bank has transitioned from legacy infrastructure to a wholly homegrown core banking platform, supported by a scalable private cloud environment built to handle exponential growth.
“Our transformation was never about technology for its own sake,” Suleiman added. “It was about building enduring capacity to serve, to scale, and ultimately to deliver more value to our customers. When that capacity matured, we made a conscious decision to return the benefits to the people who make the system work.”
Donatus Okpako, Chief Marketing Officer of Sterling Bank, described the anniversary as both a milestone and a signal of what comes next.
“This initiative has challenged long-held assumptions about how banks create value,” he said. “We are demonstrating that it is entirely possible to run a strong, commercially sound institution while being fundamentally fair to customers. The N2 billion represents real relief, real impact, and a rebalancing in favour of the customer. That principle will continue to guide what we build next.”
He added that the bank will continue to expand its offerings across payments, savings, and credit, with a sustained focus on improving financial outcomes and widening access for Nigerians.
Industry observers have noted that Sterling’s move has begun to influence broader conversations around pricing transparency and customer value in Nigeria’s financial services sector.
As Sterling enters its second year of Zero Transfer Fees, the bank remains committed to deepening its investment in technology, expanding access, and raising the standard for what customers should expect from their banks.
About Sterling Bank
Sterling Bank is a leading Nigerian financial institution and one of Africa’s most innovative banks, focused on delivering value-driven solutions that improve lives and support economic growth.
With a strong emphasis on digital transformation and customer experience, the Bank continues to introduce forward-thinking initiatives that simplify banking and expand access to financial services for individuals and businesses across Nigeria.
At the core of its approach is a commitment to fairness and accessibility.
Through its zero-fee policy on digital transfers, customers carry out everyday transactions without transfer charges, enjoying the practical benefits of the Bank’s innovation.
Backed by a secure digital infrastructure and continuous investment in technology, Sterling Bank remains dedicated to providing safe, seamless, and inclusive banking experiences.
