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

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.

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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.

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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.