I’m on my way to the bank today to open an account in order to participate in the reward from Sterling Bank for free online transactions fees
the bank will no longer charge fees for online made from April 1st of 2025 but only for transaction through its mobile app
reasons for this , some time back around 2023the, the CBN and President Tinubu to stop hidden exploitation in the name of charges which Nigerians face in the banking system. The president and CBN didn’t act but thank God, Sterling Bank did by forfeiting 4.13% of their revenue valued at 13.56 billion in naira yes i said 13 billion naira from bank transfer charge fee alone, thats to say at this rate,four banks(UBA, ZENITH, GTCO and FIRST BANK)
UBA -48.36 Billion @ 1.52%
ZENITH -80.05 Billion @ 2.02%
FIRST BANK -42.36 Billion @ 1.52%
GTCO – 15.47 Billion @ 1.22%
whcih has more client base are taking a total of 186 billion naira as transfer fees which ismorethan the conbine allocation for more than six university(UNN , ABU ,UNICAL ,UNILAG,UI) according to research,and about 60% of yobe state budget which is 320 billion naira , on the other hand this banks are posting such amount as 1-4% revenue of their business which if they forfiet will not even be notice .
this are just profit from charges only , and the CBN and fedaral government are doing nothing abou this extortion frome the banks because they are part of the shareholders so am strongly supporting sterling bank on this brave move and saying NO to exploitation @whatsnextng
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