Naira scarcity: Sterling Bank waives transfer fees for customers

Sterling Bank has suspended transaction fees for all of its personal account holders and would be giving out free debit cards to its customers in its bid at encouraging e-banking and digital payment.

The CEO of Sterling Bank, Abubakar Suleiman, announced this in a personal email to customers yesterday.

The message in the mail to Sterling’s clients reads: “We at Sterling recognise the difficult circumstances many of our customers are going through. In light of this, from February 6, 2023, through February 18, 2023, our fund transfer services will be provided free of charge to all personal account customers. In addition, we are glad to inform you that we will provide free Debit Cards to all interested customers. This will provide you with a convenient and secure way to make purchases and carry out transactions.”

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The move is viewed as part of Sterling Bank’s continuous efforts to support its customers and the general public as the nation navigates the distribution of the new Naira notes.

Speaking to the press about the program, Sterling’s Chief Marketing Officer, Dante Martins, stated that this is the first initiative of its sort by a Nigerian commercial bank and that other banks should replicate it.

Martins said; “We believe that by eliminating transaction costs during this period, we will be able to enable our customers enjoy a more convenient banking experience by utilising our comprehensive digital solutions, hence reducing their reliance on physical cash.

“We understand that our consumers require options for their daily needs, and we want to ensure that we can serve them as effectively as possible throughout this moment. By suspending transaction fees, we are confident that our clients will be able to focus on what’s most important to them while continuing to rely on Sterling’s quality and simplicity.”