PEOPLES GAZETTE
Sterling Bank has announced the removal of transfer fees on its OneBank digital platform, a move aimed at promoting affordable banking solutions.
Sterling Bank has scrapped transfer fees on its OneBank digital platform. Chief executive officer of the bank, Abubakar Suleiman, announced this at a news conference in Lagos. Mr. Suleiman said the initiative reflected the bank’s commitment to affordable, accessible banking.
According to the Sterling boss, the bank is the first major Nigerian lender to forgo earning a cut from customer transactions on its own app. “We believe that banking should be a tool for economic empowerment, not a means of extracting wealth from our customers,” he stated.
“This is not a gimmick. This is the future. And it starts now. It’s time to put an end to this practice and give our customers the freedom to manage their finances without unnecessary charges.”
Mr. Suleiman explained that the decision stems from years of digital transformation using homegrown technology. He noted that the bank invested heavily in developing its own systems and platforms rather than relying on third-party solutions.
He said the bank built a custom callback system and migrated to a homegrown platform, supporting 50 times its current customer base. According to him, this investment has enabled the bank to reduce costs and pass the savings on to customers.
“The zero-transfer-fee policy applies exclusively to OneBank users, with new customers receiving a complimentary AfriGo debit card and lifetime fee-free transfers,” he said.
Mr. Suleiman said the move was an “economic statement,” taking sides with customers and small business owners tired of being overcharged. “We’re not just talking about small change; we’re talking about significant amounts of money that can make a real difference in people’s lives. By removing transfer fees, we’re giving our customers more control over their finances and helping them achieve their goals,” Mr. Suleiman explained.