Sterling Bank has announced that it will be waving charges on customers’ transfers for 12 days (6 to 18 February) amid challenges of new Naira notes.
The bank’s action is unique and a big sacrifice to its customers, who are dealing with a shortage of new Naira notes.
Banks generate income from electronic commissions, and Sterling’s move to forgo charges on electronic transactions is unprecedented.
For context, Sterling Bank in the first nine months of 2022 made over N5.56 billion from electronic business commissions and fees.
Also in 2021, in the same period of nine months, the bank in its financials submitted to the Nigerian exchange made N5.01 billion.
Sterling bank in a message posted on its social media account on Tuesday said:
“Yes, the charges are on us from February 6th – 18th, 2023. Feel free to do as many transfers as you need to get things sorted”.
