It is called “a thank-you to loyal users and a welcome to newcomers”
Sterling Bank Scraps Transfer Fees, Set to Redefine Banking in Nigeria
Sterling Bank has shaken up Nigeria’s banking scene by eliminating transfer fees on its OneBank app, becoming the first major bank to let customers move money without a cost. Announced in Lagos, the move signals a push for affordable, customer-first banking.
“This isn’t a stunt—it’s the future,” said CEO Abubakar Suleiman at a press briefing. “Nigerians deserve to manage their money without extra charges.” The policy stems from Sterling’s digital overhaul, including a homegrown platform handling over 180 million transactions for five million users, with room to scale 50 times larger.
The zero-fee offer applies to OneBank users, with new customers signing up by April 30 also scoring a free AfriGo debit card and lifelong fee-free transfers. “We’re siding with everyday Nigerians—small businesses, anyone fed up with endless fees,” Suleiman said.
Obinna Ukachukwu, head of Consumer and Business Banking, called it a thank-you to loyal users and a welcome to newcomers. “We’re still covering some costs, like fees to other banks, but this is about doing right by our customers,” he said, hinting at more value-added features soon.
Sterling hopes its bold step sparks industry-wide change, putting pressure on competitors to follow suit and prioritize financial inclusion. Read More
