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Sterling Bank takes sides with Nigerians… eliminates transfer fees

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In a bold move that resets the rules of engagement in the Nigerian banking sector, Sterling Bank has removed transfer fees on its digital banking platform, OneBank. This decisive move makes Sterling the first major Nigerian bank to forgo earning a cut from customer transactions on its own app.

The initiative marks a turning point in the industry and reflects the bank’s deep-rooted commitment to building a future where banking is affordable, accessible, and in tune with Nigerians’ everyday needs.

Executive Officer of Sterling Bank, during a press briefing in Lagos. “For years, Nigerians have paid fees just to move their own money. We’re saying no more.”

Suleiman explained that the decision stems from years of digital transformation. The bank built a custom callback system capable of handling over five million customers and already processing more than 180 million transactions. It also migrated entirely from a legacy European core to a homegrown platform built for scale and deployed a private cloud environment with capacity well beyond current and future demand.

“We’ve engineered a platform that can support 50 times our current customer base without breaking a sweat,” Suleiman added. “It’s time to pass the benefits of that transformation back to the people.”

The zero-transfer-fee policy applies exclusively to users of OneBank, Sterling’s flagship digital app. New customers who sign up before April 30 will also receive a complimentary AfriGo debit card and lifetime access to fee-free transfers.

“This is more than a product update. It’s an economic statement,” Suleiman said. “We are taking sides with the customer, with the small business owner, with every Nigerian tired of being nickel-and-dimed by the system.”

Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate, said the policy rewards loyal customers and invites new ones.

“We owe this to the customers who stuck with us through our transformation journey,” Ukachukwu said. “We are also opening the door to anyone ready to bank differently. If you join us in April, you’re family, so you get the same lifetime benefits.”


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He added that Sterling’s next steps would involve layering on even more value in the months ahead, targeting both individuals and businesses with tools that improve financial wellbeing and fuel economic growth.

“We still bear a portion of the transaction costs, including fees payable to other banks. But we’re doing this because we believe it’s right. And if others in the industry follow suit, we all win,” Ukachukwu concluded.

Sterling Bank is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity and a steadfast focus on it’s HEART strategy.

As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, proving that purpose-driven leadership can unlock transformative outcomes for individuals, businesses, and society at large.

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#FeatureBySterlingBank


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Business

5 Secondary schools where students run mini enterprises as part of curriculum

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In Nigeria a growing number of schools have adopted mini enterprise programs that require students to design products or services manage budgets market to real customers and reinvest profits.

These initiatives foster teamwork financial literacy and creative problem solving while generating small revenues that support school projects or charities.

Below are 5 standout institutions where student led ventures move beyond classroom theory into genuine marketplace operations setting graduates on a path to business success.

ALSO READ: Nigeria’s most expensive secondary school—₦49m in school fees!

1. Loyola Jesuit College, Abuja

Each term, students form teams that research market needs, write detailed business plans and launch ventures such as handcrafted soap labels or small event-planning services.

They procure supplies, manage production, establish brand identities and sell through pop-up campus stalls as well as online channels. Faculty advisors lead sessions on cost calculation, bookkeeping and customer relations.

Profits fund outreach initiatives, reinforcing both civic responsibility and business know-how.

2. Greensprings School, Lagos

Under the Young Entrepreneurs Programme, students operate cooperatives focused on projects ranging from organic produce farming to custom T-shirt design.

A campus makerspace equipped with 3D printers and sewing machines enables rapid prototyping. Participants validate demand at public fairs and via social-media campaigns.


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Professional workshops cover trademark registration, supply-chain logistics and online marketing strategies. A capstone pitch event invites business leaders who award grants and incubation opportunities.

3. Dowen College, Lagos

The BizTech Club integrates enterprise roles into the timetable by assigning students to positions such as chief executive, finance director or marketing lead.

Past ventures have included coding tutorials for primary-school pupils and a healthy-snack café on campus. Live performance dashboards display revenue, costs and customer feedback in real time, teaching data-driven decision making.

Field trips to tech hubs and talks by startup founders connect these student enterprises to Nigeria’s wider innovation ecosystem.

RECOMMENDED: 8 Practical ways to access affordable education in Nigeria

4. American International School, Abuja

In the Enterprise Challenge, cross-grade teams design scalable services, such as virtual peer-tutoring networks, sustainable cleaning cooperatives or mobile-device repair units, over a full academic term.

Senior students mentor juniors, and all participants submit funding proposals to an alumni investment panel. Successful teams receive revolving seed capital, dedicated workspace and official after-school-club status, ensuring continuity.

The programme builds leadership skills and establishes ventures that operate year after year.

5. British International School, Lagos

The Young Innovators Hub supports ventures spanning eco-friendly fashion (upcycling local textiles) to sensor-based waste-collection solutions.

Students attend weekend intensives on e-commerce development, customer segmentation and rapid-iteration techniques.

Collaboration with local SMEs provides real-world client briefs, enabling learners to deliver commissioned work and build professional portfolios.

Annual showcases connect student teams with investors, grant programmes and accelerator partners, accelerating the transition from a student side project to a full-fledged startup.

Embedding genuine enterprise activities in these curricula gives students experience testing ideas managing operations and learning from outcomes in a guided setting.

The initiative cultivates resilience creativity and fiscal discipline essential for success in Nigeria’s entrepreneurial landscape.

 EXPLORE: Over 1.5 million candidates score below 200 in 2025 UTME — JAMB


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Plateau partners Chocolate City to transform creative industry

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The Plateau State Government has signed a Memorandum of Understanding (MoU) with Chocolate City Group, one of Nigeria’s most prominent

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Business

May 1 – 3: Unmissable Funding Opportunities and Dynamic Activities at SOT 2025!

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The Science of Trade (SOT) Conference 2025 is not just back—it’s bigger, bolder, and primed to elevate your business prowess on a global scale. Registration opens from 7:00 a.m., so we encourage you to arrive early. Breakfast for participants will be served daily between 8:00 a.m. and 9:00 a.m. Don’t let traffic stop you from making the most of each day.

A few highlights 

Be One of 40 Selected for Our 2026 Global Trade Mission – At SOT 2024, 20 outstanding attendees were selected for a trade mission to the United States — a pioneer group now embarking on a unique strategic market entry journey. For 2026, our partners and we are expanding the opportunity to 40 exceptional entrepreneurs. We are seeking entrepreneurs with distinctive brands to empower for entry into new markets across Africa and globally – selection begins at the conference. 

SheVentures by FCMB: With Zero Interest loans, alternatives (like gold) for collateral and other loan options – Fifteen FCMB staff will be on-site facilitating loans, so come with all your credentials— the SheVentures team is ready to work with you to find the right solutions. bit.ly/FundingAtSOT2025 

Empower Your Enterprise with Shecluded Loans – Ladies running businesses with steady transaction flow can secure exceptional 3% interest loans by participating across all 3 days — Shecluded is here to empower women entrepreneurs with the financial leverage they need to bring their visions to life bit.ly/FundingAtSOT2025 

Connect with the U.S. Africa Trade Desk representing U.S. Buyers, She Phoebe Global, U.S. Consulate and NASSI for a trade workshop – Featuring the Acting U.S. Consul General, trade representatives from the United States, and representatives from NASSI. 

Sponsored Training Opportunity for your leadership staff and customer service reps – Enhance your team’s acumen with training programs already paid for, courtesy of collaborations by SOT and Kryptr!

Witness the AfCFTA Digital Trade Protocol Hackathon with prizes ₦20 Million + ₦10 Million and Cloud Computing from Amazon Web Services – The AfCFTA Digital Trade Protocol Hackathon is tackling some of Africa’s most pressing challenges in e-commerce facilitation, digital payments, logistics, and digital identity management. Watch leading tech teams compete to develop innovative solutions — with the winning group receiving ₦20 million, plus an additional ₦10 million from NITDA to build a regulatory sandbox for e-commerce and cloud computing, in partnership with Amazon Web Services to drive full product development. bit.ly/NigeriaAfCFTAHackathon2025 

Product review for U.S. Stores – Facilitated by Hon Hon Afishetu Braimoh.  Founder CEO Wotfoods. Africa Business Trade. SACFruits. Fmr.  Commissioner Business Trade & Cooperatives Edo State.


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FashionEVO x Olorisupergal x Made in Africa present “From Fabric to Fortune” — Real Talk, Big Moves, Afrobeat Vibes.

Workshops. Debates. ₦500,000 up for grabs. Serious conversations for fashion entrepreneurs, in a space where the culture moves. bit.ly/FashionevoSOT

Witness Product Launches: Be the first to encounter trailblazing products such as Victoria Ajayi‘s flavorful sauce line for Chow Noodles and Ade Laoye‘s luscious honey brand, Oyin Ade.

NICERT @ 7: 3 Days. 3 Free Certifications. Endless Opportunities: Celebrate with us as NICERT marks 7 years of impact — offering free HACCP certification to 3 companies and hands-on guidance to help you get certified and grow!

Nexus of Nature – The Organic Pavilion: Build. Scale. Thrive.

A dynamic space for organic entrepreneurs and dreamers ready to break into and dominate the organic market.

Other Funding Organisations – Look out for other funding opportunities at the Exhibition hall

Engage with Exhibitors and Network 

Ready, Set, Trade

Bring your product samples, business cards, QR codes, and finance documents.

Come ready to network, pitch, and unlock funding opportunities.

For inquiries, partnerships, or media partnerships, connect with us: Email: event@scienceoftradeconference.com | +234 916 766 7376

General Registration:

Dr Inya Lawal – President Ascend Studios Foundation & Convener of Science of Trade Conference (1)

SOT 2025 is more than a conference — it is a catalyst for Africa’s economic ascendancy. In partnership with the AfCFTA and other global allies, we are breaking barriers, building bridges, and unlocking the full potential of trade, innovation, and entrepreneurship across the continent and beyond.— Dr. Inya Lawal, President, Ascend Studios Foundation.

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