See more as Nigerians rush to open accounts as bank removes charges for transactions

• The determination by Sterling Bank to region each transportation charges has seen an uptick successful the fig of accounts opened
• Leading the unreserved is erstwhile aviation curate Chief Osita Chidoka, who has decided to unfastened an relationship with the bank
• Data shows that 9 banks rake successful implicit N922.5 cardinal successful fees arsenic customers decry rising charges

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Former Aviation Minister, Chief Osita Chidoka, is among the Nigerians anxious to unfastened a idiosyncratic relationship with Sterling Bank, pursuing the bank's determination to destruct charges connected section physics transactions.

The no-charge transactions use to customers sending to accounts of Sterling Bank and besides to different banks.

Nigerians unfastened accounts with Sterling Bank Photo credit: Bloomberg/contributor
Source: Getty Images

On April 1st, Sterling Bank made headlines by announcing it would region each section transfer charges connected its OneBank platform.

Initially met with skepticism, with galore wondering if the announcement was an April Fools' prank, the slope confirmed the argumentation was genuine and effectual immediately.

The slope station on X reads:

"Nigerians are nary fools! Enough is enough. No much quiescent suffering. We’re doing our portion by cancelling transportation fees. Let the different banks copy.That's right! As of today: Sterling Bank volition NOT instrumentality immoderate wealth for itself for: Mobile app, online - 100% free!, Interbank transfers - 100% free!, ATM paper issuance - 100% free!"

Ex-minister opens caller Sterling Bank account

Guardian reports that Chidoka who had earlier took to societal media to stock excitement implicit Sterling Bank's determination to region section transaction charges, visited the bank's Abuja office connected Friday to unfastened a idiosyncratic account.

He said his determination is simply a show of enactment support of the bank's escaped transactions connected e-transfers.

He wrote connected X

"Sterling Bank did the math—and inactive chose the people. They ditched transportation fees."On Friday morning, I volition unfastened an relationship astatine a Sterling Bank subdivision successful Abuja to reward the slope for removing transportation charges, which different banks person refused to do."In 2023, I called connected the CBN and President Tinubu to easiness the load connected Nigerians by stopping the hidden, exploitative charges Nigerians look successful the banking system. They didn’t act.Sterling Bank has shown america a amended way. They’ve proven that you tin tally a profitable, tech-driven, modern slope without extracting rent from the people.So yes, I’m acting. Opening a Sterling Bank relationship is simply a connection of values. A protestation against exploitation. And a request for transparency, innovation, and fairness successful Nigerian banking.Let’s marque Friday #OpenSterlingAcct Day. Let your wealth basal for fairness, transparency, and innovation. Tag your bank. Tag your friends. Tell them: We’ve seen the numbers, and we’re done paying for integer oppression."

Also reacting to Sterling Bank's decision, Dr Joe Abah wrote

"Well done to Sterling slope for canceling the avaricious, unconscionable and indefensible transportation fees that Nigerian banks charge. "I recognize it volition outgo them immoderate N13 cardinal successful gross but anticipation that the nonaccomplishment would beryllium offset by gross from caller Sterling relationship openings."

CBN’s caller determination crashes PoS charges

Ealier, Legit.ng reported that PoS operators person adjusted their withdrawal and deposit charges.

The determination follows the implementation of Opay, Moniepoint, and different fintech companies to N50 EMTL interest connected each N10,000 deposit successful their customers' accounts.

This is portion of the Nigerian government's thrust to make further gross from integer fiscal services.

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Source: Legit.ng