By Aduragbemi Omiyale

A tier-2 financial institution, Sterling Bank, has confirmed the introduction of a zero-transfer-fee policy for customers with immediate effect.

The bank has urged others in the banking industry to emulate this initiative, saying customers should not be overburdened with bank transfer charges.

“We believe access to your own money shouldn’t come with a penalty.

“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.

“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.

“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” the Growth Executive Leading the Consumer and Business Banking Directorate at Sterling Bank, Obinna Ukachukwu, stated.

Recall that on April Fool’s Day, Sterling Bank announced waiving bank transfer fees for customers and many thought it was just a marketing prank.

But in a statement today, the lender reaffirmed that it introduced this policy to set a new benchmark for customer-focused banking in Nigeria by championing the cancellation of bank transfer charges.

With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.

Under the new policy, Sterling Bank customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.

This customer-first orientation is not new for the bank. During the COVID-19 pandemic, the company stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support.

The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.

“We’re proud to lead this change. We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values,” Ukachukwu added.

Sterling Bank’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.

By Aduragbemi Omiyale

The decision of the management of Wema Bank Plc to improve its customer relationship management and digital banking operations is already yielding positive results.

This is because the financial institution increased its deposit base last year by 36 per cent to N2.524 trillion from N1.861 trillion in 2023, according to its audited results filed to the Nigerian Exchange (NGX) Limited.

In the year, the balance sheet remained well structured, diversified and resilient with total assets growing by 60 per cent to N3.585 trillion from N2.240 trillion, and the loans and advances expanding by 50 per cent to N1.201 trillion from N801.10 billion in FY 2023, as the non-performing loan (NPL) ratio stood at 3.86 per cent.

Business Post reports that the lender grew its gross earnings in the fiscal year by 92 per cent to N432.34 billion from N225.75 billion, with interest income up by 92 per cent to N353.54 billion from N184.48 billion.

Also, non-interest income was up 91 per cent to N78.80 billion from N41.27 billion, and closing December 31, 2024, with a Return on Equity (ROAE) of 43.60 per cent, Return on Assets (ROAA) of 2.96 per cent, Capital Adequacy Ratio (CAR) of 19.67 per cent and Cost to Income ratio of 56.23 billion, underscoring the commercial bank’s resilience and financial strength.

Wema Bank ended the financial year with a profit before tax of N102.51 billion, 135 per cent higher than the N43.59 billion recorded in the corresponding period in 2023, proposing a dividend of N1.00 per share on the back of the impressive result.

“Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services.

“ALAT, our flagship digital platform, continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace.

“An example of this innovation is ALAT XPlore, the first licensed banking App for teenagers designed to help teenagers ages 13-17 build their money management skills, achieve their financial goals and become financially responsible,” the chief executive of Wema Bank, Mr Moruf Oseni, stated.

 By Adedapo Adesanya

JP Morgan, an American financial institution, is in the process of acquiring a merchant banking licence from the Central Bank of Nigeria (CBN), and this is likely going to happen in the coming months.

The American financial entity plans to transform its representative office in Lagos into a fully-fledged business branch.

According to reports, the New York-based financial institution, managed in Nigeria by Mr Dapo Olagunju, will apply to the apex bank for the merchant banking licence to further expand its input in the country.

If granted, the JP Morgan entity will offer Dollar loans to large companies in addition to its advisory and asset management activities.

The merchant bank license will also allow the bank to use its decades of experience to serve corporate clients, high-net-worth individuals, and government entities.

It will be able to arrange, structure, and issue bonds, equities, and other securities for corporate clients.

The entry comes at a time when banks are moving to recapitalise ahead of a March 2026 deadline, with some banks possibly up for mergers and acquisitions. As a merchant bank, JP Morgan will be able to provide advisory services on business acquisitions, mergers, and divestitures.

Present in Lagos since the 1980s, JP Morgan plans to transform its Nigeria representative office into a fully-fledged branch, marking a further step in its CEO, Mr Jamie Dimon’s strategy to strengthen its presence on the African continent.

As part of Mr Dimon’s strategy to increase its presence on the African continent, last October, he visited Nigeria, where he met the CBN Governor Mr Yemi Cardoso and promised stronger relationship.

He also visited South Africa, where JP Morgan has a subsidiary, alongside Cote d’Ivoire and Kenya. he stressed that the bank wants to strengthen its presence in Africa by adding a country or two every couple of years or so — with the possibility of Nigeria increasingly possible.