One year after breaking from traditional banking practices, Sterling Bank says it has returned more than ₦2 billion to customers through its Zero Transfer Fees policy, a move that is reshaping the cost of everyday banking in Nigeria.

Launched on April 1, 2025, the policy removed transfer charges on the bank’s digital platform, OneBank, making it the first major Nigerian bank to waive fees on customer online transactions.

The initiative marked a shift in the bank’s value model—from earning revenue on customer activity to enabling it. In a market where transaction fees had long been standard, the move challenged industry norms and redefined the relationship between banks and their customers.

Chief Executive Officer, Abubakar Suleiman, said the decision was intentional and strategic.

“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,” he said.

Over the past year, millions of customers—including individuals, small businesses, and digital-first users—have benefited from free transfers. The bank noted that beyond cost savings, the policy has driven higher transaction volumes, improved financial inclusion, and strengthened engagement with formal banking systems.

Sterling Bank attributes its ability to sustain the initiative to its multi-year digital transformation strategy. The bank has migrated from legacy systems to a homegrown core banking platform supported by a scalable private cloud infrastructure designed to handle rapid growth.

“Our transformation was never about technology for its own sake,” Suleiman added. “It was about building enduring capacity to serve, to scale, and ultimately to deliver more value to our customers.”

Chief Marketing Officer, Donatus Okpako, described the anniversary as both a milestone and a signal of future direction.

“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,” he said.

Okpako added that the bank plans to expand its offerings across payments, savings, and credit, with continued focus on improving financial outcomes and widening access.

Industry observers say the move is already influencing conversations around pricing transparency and customer value across Nigeria’s financial services sector.

As it enters the second year of the Zero Transfer Fees policy, Sterling Bank says it will deepen investments in technology, expand access, and continue raising standards for customer expectations in banking.