Sterling Bank marks one year of zero transfer fees, returns N1.6bn

Sterling Bank is celebrating the first anniversary of its Zero Transfer Fees policy, which has returned over N1.6 billion directly to customers since its launch.

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.

In a statement made available to PUNCH Online on Wednesday, the bank’s Chief Executive Officer, Abubakar Suleiman, said, “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.”

The bank said millions of customers have benefited from fee-free transfers over the past 12 months, with adoption accelerating among individuals, small businesses, and digital-first users.

The initiative has also contributed to increased transaction volumes, deeper financial inclusion, and stronger engagement with formal banking systems.

Sterling Bank attributed its ability to sustain the initiative to a multi-year digital transformation strategy, which included transitioning from legacy infrastructure to a homegrown core banking platform supported by a scalable private cloud environment.

Suleiman added, “Our transformation was never about technology for its own sake. 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.”

Chief Marketing Officer, Donatus Okpako, described the anniversary as both a milestone and a signal of the bank’s future plans.

He said, “This initiative has challenged long-held assumptions about how banks create value. We are demonstrating that it is entirely possible to run a strong, commercially sound institution while being fundamentally fair to customers.

“The ₦1.6 billion represents real relief, real impact, and a rebalancing in favour of the customer. That principle will continue to guide what we build next.”

The bank added that it will continue to expand offerings across payments, savings, and credit, with a sustained focus on improving financial outcomes and widening access for Nigerians.

Sterling Bank said its policy 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 the Zero Transfer Fees policy, the bank said it remains committed to deepening its investment in technology, expanding access, and raising the standard for what customers should expect from their banks.