Naira Scarcity: Sterling Bank Provides Free Transfer Services, Debit Cards to Customers

Sterling Bank Plc has announced the suspension of transfer charges for all its customers with personal accounts.

Investors King reports that the new generation bank’s announcement on free transfer services is to cushion the effect of the lingering naira scarcity in the country.  

The Chief Executive Officer, Sterling Bank Plc, Abubakar Suleiman, gave the notice through email to the bank customers.

According to him, the bank customers with personal accounts will enjoy free fund transfers from February 6, 2023 to February 18, 2023. 

Suleiman further said debit cards will be distributed to all interested customers for free.

The mail reads in part, “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.”

Explaining the reason for the offers, the Chief Marketing Officer, Sterling Bank Plc, Dante Martins said the bank intends to serve its customers better regardless of the current situation through digital means.

“We believe that by eliminating transaction costs for this period, we can assist our customers make their banking experience more easy by making the most of our powerful digital solutions. We want to make sure that we can serve them as best as we can during this time,” Martins said.

This is coming after the Central Bank of Nigeria (CBN) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had busted millions of the new naira notes hoarded in Sterling Bank offices.

Investors King recalls that last Friday, the ICPC team monitoring the compliance of banks to CBN directives arrested the regional and service managers over the discovery of N258 million stashed in the vault at the head office of Sterling Bank in Abuja.

The stashed new naira notes found were said to be the remnants of what the CBN had given the bank for distribution to its branches but it only disbursed N5 million each to its branches.