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Sterling Bank Records Positive Impact from Zero Transfer Fees Policy

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Sterling Bank

Sterling Bank Zero Transfer Fees policy returns N1.6bn to customers, boosting inclusion, transaction growth, and digital banking adoption

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Sterling Bank Plc on Wednesday marked the first anniversary of its Sterling Bank Zero Transfer Fees initiative, reporting that over N1.6 billion has been returned directly to customers since the policy was introduced, in a move that continues to reshape pricing dynamics within Nigeria’s financial services sector.

Also read: Unity Bank Posts N36.18 Billion Gross Earnings In Nine Months

Launched on April 1, 2025, the Sterling Bank Zero Transfer Fees policy eliminated charges on digital transfers conducted via the bank’s OneBank platform, positioning the lender as the first major Nigerian bank to forgo revenue from online transaction fees in favour of customer value delivery.

Speaking on the milestone, Chief Executive Officer Abubakar Suleiman described the decision as a deliberate strategic shift aimed at prioritising value over transactional income.

He said the outcome of the initiative has validated the bank’s long-term approach to sustainable growth and customer-centric banking.

According to the bank, millions of customers have benefited from fee-free transfers over the past year, with adoption rising steadily among individuals, small businesses and digitally inclined users.

The initiative has also contributed to increased transaction volumes and stronger engagement with formal banking channels, supporting broader financial inclusion goals.

The Sterling Bank Zero Transfer Fees model is underpinned by a multi-year digital transformation programme that involved the deployment of a homegrown core banking system and a scalable private cloud infrastructure.

This technological foundation, the bank noted, has enabled it to absorb the cost implications of the policy while maintaining operational efficiency.

Chief Marketing Officer Donatus Okpako said the anniversary represents both a milestone and a statement of intent, noting that the bank is challenging traditional assumptions about revenue generation in the banking industry.

He added that the initiative demonstrates that commercial sustainability can coexist with fairness to customers.

The bank further stated that the N1.6 billion returned to customers reflects tangible relief and improved financial outcomes for users, particularly in an environment where transaction costs can accumulate significantly over time.

It also said the policy is contributing to wider conversations around transparency and customer value across the sector.

Also read: Dollar Holds Near Two-Week High Amid Global Risk Aversion

As Sterling Bank enters the second year of the initiative, it has pledged to continue investing in technology, expanding its product offerings across payments, savings and credit, and strengthening access to financial services for a broader segment of the population.

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Dangote Refinery Sets ₦525 Share Price for Landmark IPO

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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.

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The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.

The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.

The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.

The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.

The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.

The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.

The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.

The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.

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Glo @23: Staff Unite for a Memorable Sports Celebration

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Glo

Glo marks its 23rd anniversary with a lively staff sports fiesta in Lagos, featuring football, games, prizes and celebrations centred on teamwork (more…)

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Adron Group Spotlights Affordable Property at ESG Expo

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Adron Group

Adron Homes affordable land options take centre stage in Lagos as flexible payment plans and property opportunities draw visitors at the 2026 expo (more…)

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