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Sterling Bank Eliminates Transfer Fees, Challenges Industry Standards
Sterling Bank has made a groundbreaking move by eliminating transfer charges on local transactions, aiming to create a more equitable banking experience for Nigerians. The question now arises: will other financial institutions follow this lead?
On April 1, Sterling Bank announced the removal of transfer fees for all local digital transactions, positioning itself as the first major bank in Nigeria to implement such a policy. Initially, the announcement faced skepticism, with many believing it to be an April Fools’ Day joke. However, Sterling has since reaffirmed the policy’s legitimacy and immediate implementation, signaling a significant evolution in the industry’s customer service approach.
Obinna Ukachukwu, the Growth Executive overseeing the Consumer and Business Banking Directorate, stated, “We believe that accessing your own funds should not incur a penalty. This decision transcends financial implications; it reflects our core values.”
With this new policy, Sterling customers can now make free transfers for all local transactions via the bank’s mobile app. This initiative is anticipated to yield considerable savings for individuals and small business owners who frequently engage in transfers.
“We may not be the largest bank in Nigeria, but we are certainly the most audacious,” Ukachukwu declared. “Sterling Bank is committed to the future of Nigeria, and we are backing our fellow citizens with more than just words.”
Sterling Bank has a history of prioritizing customer welfare, having previously offered financial assistance to healthcare workers during the COVID-19 pandemic. This latest initiative has garnered widespread public support, igniting conversations on social media and prompting calls for other banks to adopt similar practices.
“We take pride in leading this transformative change,” Ukachukwu concluded. “We hope to inspire others to rethink what customers truly require from their banks, not only in terms of services but also in values.”
Billionaire businessman, Femi Otedola, has joined other prominent Nigerians in paying tribute to late Super Eagles legendary former captain and coach, Christian Chukwu, who died on Saturday.
The Nigerian football icon, nicknamed ‘Chairman’ for his imposing presence and the authority he exuded just in defence, died at 74, throwing family, friends, and the entire nation into mourning.
In a tribute to the former centre defender posted on his social media pages on Sunday, Otedola said that Chukwu creatively used the game of football as a unifying force for us as individuals and the nation in general.
“The sudden passing of the legendary Christian Chukwu, former captain and head coach of the Super Eagles, has come as a rude shock to me. As one of Nigeria’s Patriots, Christian Chukwu creatively used the game of football as a unifying force for us as individuals and the nation in general.
“His footballing career as the captain and subsequently coach of the national team remains legendary and fully etched in the annals of our national history,” the statement said.
The former national team and Enugu Rangers captain was diagnosed with prostate cancer in 2019, and Otedola stepped in to offer financial support for his medical treatment in the United Kingdom.
The Executive Chairman of Geregu Power PLC recalled that his intervention in 2019 saw Chukwu saw through a very challenging time and gave him a new lease of life.
He condoled the family of the late legendary footballer and his fans all over the world.
“Back in 2019, when he was diagnosed with prostate cancer that affected his legs, I stepped in with the necessary support so as to enable him receive comprehensive care and medical treatment in the United Kingdom.
“Thankfully, that intervention and opportunity saw him through a very challenging time and gave him a new lease of life. My condolences go out to his entire family and to his fans all over the world. May you all find comfort during this difficult time. May his soul rest in peace.”
Chukwu captained Nigeria to their first Africa Cup of Nations (AFCON) trophy in 1980 and was also a former coach of the side between 2002 and 2005. He led the Super Eagles to a third-place finish at the 2004 edition of the continental competition in Tunisia.
He devoted his club career to Enugu Rangers, where he won multiple national titles and led the club to continental glory with their 1977 African Cup Winners’ Cup triumph.
The Presidency has reacted to the directive to US law enforcement agencies to release confidential information generated on President Bola Tinubu.
Elanza News had reported how a United States District Court ordered the FBI to release the information on Nigeria’s number one citizen.
Reacting, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the information being sought did not indict President Bola Tinubu.
He also hinted that there is nothing new, in the report by Agent Moss of the FBI and the DEA report, saying the report has been in the public space for more than 30 years.
According to Onanuga, “Journalists have sought the Presidency’s reaction to the ruling last Tuesday by a Washington DC judge ordering the US FBI and DEA to release reports connected with President Bola Ahmed Tinubu.
“There is nothing new to be revealed. The report by Agent Moss of the FBI and the DEA report have been in the public space for more than 30 years. The reports did not indict the Nigerian leader. The lawyers are examining the ruling.”
Femi Falana, the human rights lawyer, has asked Nigerian youths to reclaim the country and redefine its future.
Falana spoke during the sixth annual youth leadership conference at the University of Lagos (UNILAG) on Saturday.
The senior advocate of Nigeria (SAN) said the country has changed for the worse, and youths are suffering, hence the need for them to rise up.
“You will have to challenge those who are in power when you have access to them, because some of them in power today belong to our generation,” NAN quoted Falana as saying.
“We didn’t suffer what you are going through. We lived a life of dignity.
“My generation had dreams, genuine dreams, about this country becoming one of the best in the world, because we have abundant human and natural resources that should make us a leading country in the world. But what has happened?
“Your generation has a duty to reclaim the country, and please, when you are going to listen to songs in ceremonies of this nature, please try and listen to some of the great African musicians.”
The human rights lawyer said listening to such music would inspire the youths to fight for justice.
“You must also listen and be inspired to fight for justice in our country,” he said.
“You are often told that our country is poor. Quote me, ours is not poor. We suffer from material poverty because there is poverty of ideas in our country.
“They tell you you are leaders of tomorrow. You must be leaders of today first, so you must take back what is left.”