By Ayomide Otitoju
In a groundbreaking shift within Nigeria’s banking landscape, Sterling Bank has announced the removal of transfer fees on its digital banking platform, OneBank, becoming the first major Nigerian bank to eliminate charges on customer transactions made through its app.
“This is not a gimmick. This is the future. And it starts now,” said Abubakar Suleiman, CEO of Sterling Bank, during a press briefing in Lagos. He revealed that the decision is the result of years of digital infrastructure upgrades, including the development of a proprietary platform capable of handling massive transaction volumes and a fully deployed private cloud environment.
The new zero-transfer-fee policy applies exclusively to users of the OneBank app. Customers who sign up before April 30 will also receive a free AfriGo debit card and lifetime access to fee-free transfers.
“This is more than a product update—it’s an economic statement,” Suleiman added. “We’re taking sides with the customer, with the small business owner, with every Nigerian tired of being nickel-and-dimed.”
Obinna Ukachukwu, the bank’s Growth Executive for Consumer and Business Banking, said the move is both a reward to loyal customers and a call to new users seeking a better banking experience.
“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,” Ukachukwu stated, hinting at further customer-centric innovations in the pipeline.
Industry watchers say Sterling’s bold initiative may trigger a shift in digital banking norms as customers increasingly seek more affordable and transparent services.
