COVID-19: Stanbic IBTC Waives Account Maintenance, Interbank Charges

• COVID-19: Stanbic IBTC Waives Account Maintenance, Interbank Charges

Stanbic IBTC Bank Plc has introduced a number of waivers to help ease the impact of COVID-19 on customers.

In a statement released by the bank, starting from April 1, 2020, the bank would stop the collection of Merchant Settlement Charge for 14 days.

It also declares a full waiver of current account maintenance fees and interbank transfer charges for one complete month for customers who reactivate their dormant or inactive accounts.

The statement reads: a “full waiver of Merchant Settlement Charge for two weeks for all merchants who accept payments using Stanbic IBTC Bank Point of Sale terminal for the two weeks; full waiver of current account maintenance fees and interbank transfer charges for one month for customers who reactivate their dormant or inactive accounts; waiver of transfer charges on the first five interbank transfers they effect within the month of April 2020 for other customers with active accounts.”

Comment on the relief initiatives, Mr Yink Sanni, the Chief Executive, Stanbic IBTC Holdings Plc, said the measures were aimed at reducing the effect of the ongoing coronavirus pandemic on customers and prevent the spread of the deadly virus.

He said, “As a responsible financial institution, we are not unaware of the effects of COVID-19, especially on our members of staff and customers.

“The decision by the bank to set aside the merchant settlement charge for two weeks for those who use Stanbic IBTC’s PoS terminals, waive current account maintenance fees and free interbank transfers for inactive/dormant account holders and zero interbank transfer charges for the first five transactions for all other customers within the month of April is our way of easing the pains and discomfort they are going through during this period.”

He added that the bank closed some branches to safeguard the lives of staff and customers during this tough period.

COVID-19 has killed more than 50,000 people globally and infected more than 1,000,000 since the virus broke out in Wuhan, China.

More than 50 million jobs are expected to be affected globally with small businesses and families to suffer the most as seen in almost 10 million Americans that have filed for unemployment in the last two months.

The number of confirmed cases rose to 232 in Nigeria on Sunday, according to the Nigeria Centre for Disease Control.