Sterling Bank has celebrated the first anniversary of its Zero Transfer Fees initiative, revealing that over N1.6 billion has been saved by customers since the policy was introduced.
The initiative, which began on April 1, 2025, removed transfer charges on the bank’s digital platform, OneBank, making it the first major financial institution in Nigeria to waive fees on online transactions.
In a statement, the bank’s Chief Executive Officer, Abubakar Suleiman, said the move was intentional and focused on delivering value to customers.
“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.”
According to the bank, millions of users have taken advantage of the free transfer service over the past year, with increased adoption among individuals, small businesses, and digitally inclined customers.
The policy has also driven higher transaction volumes, improved financial inclusion, and strengthened engagement with formal banking services.
Sterling Bank attributed the sustainability of the initiative to its long-term digital transformation, which involved moving from legacy systems to a locally developed core banking platform powered by a scalable private cloud infrastructure.
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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.”
The bank’s Chief Marketing Officer, Donatus Okpako, described the milestone as a reflection of the bank’s long-term vision.
“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.”
Sterling Bank added that it plans to expand its offerings in payments, savings, and credit, while maintaining a focus on improving financial access and outcomes for Nigerians.
The bank also noted that the Zero Transfer Fees policy has begun to shape wider discussions around transparency and customer value within Nigeria’s banking sector, as it enters its second year with continued investment in technology and service delivery.