In a landmark move that sets a new benchmark for customer-focused banking in Nigeria, Sterling Bank has championed the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.

The announcement, made on April 1st, initially sparked widespread arguments, with many

assuming it was a marketing prank tied to April Fools’ Day. However, Sterling has confirmed that this is no stunt: the zero-transfer-fee policy is real, and effective immediately.

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.

“We believe access to your own money shouldn’t come with a penalty,” said Obinna

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

Under the new policy, Sterling 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 Sterling. During the COVID-19 pandemic, the bank 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. From that moment to now, Sterling has continued to redefine what it means to be a responsible and responsive institution.

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,” Ukachukwu added. “We hope it inspires others to think

differently about what customers truly need from their banks, not just in services, but in values.”

Online communities were not excluded as WhatsApp Nigeria lit up with viral broadcasts as users forwarded the news across various groups, including one from a prayer circle that read:

“Please my good people this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbour Justina just transferred N100k and no charges!!! God bless Sterling Bank.”

The message quickly gained traction, sparking massive public interest and mounting pressure on other banks to follow suit.

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

About Sterling Bank

Sterling Bank is a full-service national commercial bank in Nigeria, focused on building a more equitable and sustainable future through its HEART strategy, targeting investments in Health, Education, Agriculture, Renewable Energy, and Transportation.

With a growing reputation for innovation and customer advocacy, Sterling continues to lead with impact, empathy, and execution.

The recovery in the Nigerian private sector gathered strength in March, with output, new orders and employment all increasing to greater degrees than in February.

Firms were helped to some extent by softening inflationary pressures, with input costs increasing at the slowest pace since May 2023.

The headline figure derived from the survey is the Stanbic IBTC Bank Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI posted 54.3 in March, up from 53.7 in February and above the 50.0 no-change mark for the fourth consecutive month.

Moreover, the latest improvement in business conditions in the private sector was solid and the most marked since the start of 2024. Central to the latest strengthening in the health of the private sector was an improving demand climate.

This helped lead to a fifth successive monthly expansion of new orders in March. Moreover, the pace of increase was sharp and the fastest in 14 months. In turn, the pace of output growth also quickened at the end of the opening quarter. Here too, the latest rise was the sharpest since January 2024.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Softening inflationary pressures are helping to improve domestic demand conditions, in turn, supporting an overall improvement in private sector activity in Nigeria.

Consequently, private sector activity strengthened for the fourth consecutive month, with the headline PMI settling higher at 54.3 points in March from 53.7 points in February – its highest print since January 2024 (54.5 points).

Central to this improvement is an increase in customer requests, which ensured the rate of growth in new orders in March quickened to their fastest pace in 14 months.

In addition, the employment level increased for the fourth month running in March although some firms reported hiring staff on a contract basis.

Meanwhile, the pace of increased input costs for the Nigerian companies moderated sharply in March, with the latest rise being the slowest since May 2023, albeit still marked. In line with this, the pace of output price inflation softened further – easing for the third successive month to the weakest since May 2023. Nonetheless, staff costs continued to rise at a solid pace and companies generally linked the efforts to increase staff pay to helping workers deal with higher living costs.

Private sector activity in Q1:25 was at a much better position compared to the preceding quarter and this is consistent with a likely 3.9% y/y growth in the non-oil sector in Q1:25, signifying a further improvement in business conditions.

For the full year 2025, the non-oil sector is poised to improve further compared to 2024 as the lingering FX stability and improved FX liquidity conditions bode well for the real sector activities, including manufacturing, trade and real estate.

This, in addition to the anticipated reduction in borrowing costs, should further support the growth of the non-oil sector in 2025. Accordingly, we project the non-oil sector to grow by 3.4% y/y in 2025. Therefore, we still expect the Nigerian economy to grow by 3.5% y/y in real terms in 2025 with the Q1:25 growth print forecasted to settle at 3.7% y/y.”

Output expanded across all four sectors covered by the report. Increases in new orders and output requirements encouraged companies to expand their staffing levels and purchasing activity accordingly. A modest rise in employment was nonetheless the most marked in seven months, while input buying was up sharply. Higher purchasing activity fed through to rising stocks of inputs, with companies looking to build inventories in line with current and future business needs.

Some firms also took advantage of softer price inflation to stockpile inputs. Although overall input costs continued to rise sharply, the pace of inflation eased for the fifth month running and was the slowest since May 2023.

Both purchase prices and staff costs increased at slower rates at the end of the opening quarter of the year. In turn, companies also posted a softer increase in selling prices in March. Here too the pace of inflation was the least marked since May 2023.

Meanwhile, suppliers’ delivery times continued to shorten, with improved vendor performance linked to prompt payments and good road conditions. Lead times shortened solidly, albeit to a lesser extent than seen in February.

Although rates of expansion in output and new orders quickened in March, companies were less optimistic regarding the 12-month outlook for business activity. Confidence was at a three-month low and weaker than the series average.

Those firms that predicted a rise in output linked this to planned advertising, as well as business investment and the opening of new branches.

L- R: Regional Lead, Institutional Client Group, RMB, Eyitope Owolabi; Special Adviser to the Minister of Finance, Kikelomo Longe; EM Sovereign Credit Analyst, Thrivent Matthew Greenman; Specialised Finance Analyst, Sanlam Mpho Mbuyazi; Permanent Secretary Special Duties, Federal Ministry of Finance, Raymond Omachi; Honourable Minister for Finance and Coordinating Minister of the Economy, Wale Edun; Nigeria CEO, RMB, Bayo Ajayi; Africa Structured Debt Financier, Sanlam, Zuko Hewana; Senior Country Risk Analyst,  Sanlam, Candy Van Der Walt; FI Strategist, Bank Invest, Jakob Christensen; Senior Portfolio Manager, Abu Dhabi Investment Authority, Ron Raychaudhuri at the recently held RMB Nigeria and Ministry of Finance Investor Roadshow facilitated by Rand Merchant Bank Nigeria in Abuja.

Rand Merchant Bank (RMB), a prominent corporate and investment bank in Africa, recently conducted a series of high-level meetings in Abuja as part of its West Africa investor roadshow.

These meetings involved institutional investors, asset managers, and senior government officials, focusing on Nigeria’s macroeconomic landscape and investment prospects.

The delegation engaged with key policymakers to discuss topics such as foreign exchange market stability, debt management strategies, and reforms aimed at attracting foreign investments.

A notable highlight was an exclusive meeting with the Honourable Minister of Finance & Coordinating Minister of the Economy, Wale Edun, which provided a platform for direct dialogue on Nigeria’s fiscal policies and economic direction.

Key RMB representatives included Bayo Ajayi, Nigeria CEO; Eyitope Owolabi, Regional Lead, Institutional Client Group; and Samantha Singh-Jami, Research Lead for Broader Africa.

They were joined by institutional investors and asset managers like Ron Raychaudhuri, Senior Portfolio Manager at Abu Dhabi Investment Authority; Jakob Christensen, FI Strategist at Bank Invest; Matthew Greenman, EM Sovereign Credit Analyst at Thrivent; and Candy Van Der Walt, Senior Country Risk Analyst at Sanlam.

RMB Nigeria CEO, Bayo Ajayi, emphasised the significance of investor confidence in promoting economic growth and capital inflows, stating:

“Ensuring open and transparent engagement between investors and policymakers is key to deepening confidence in Nigeria’s economic landscape. This roadshow provided an opportunity for institutional investors to gain direct insights into the country’s evolving policy framework, reinforcing Nigeria’s position as a long-term investment destination.”

The investors appreciated the transparent policy discussions and expressed interest in ongoing engagement with the Nigerian government regarding investment opportunities.

RMB Nigeria remains dedicated to connecting capital with opportunities to drive both business and economic development.

About RMB Nigeria Limited

RMB Nigeria Limited, a member of the FirstRand Group, is a leading African corporate and investment bank, providing innovative advisory, funding, trading, corporate banking, and principal investing solutions to clients across key sectors.

In response to concerns raised by depositors of the defunct Heritage Bank whose balances exceed the maximum deposit insurance limit of N5 million, the Nigeria Deposit Insurance Corporation (NDIC) wishes to clarify that the Corporation has intensified efforts to ensure timely payments.

Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as the liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023.

In line with its statutory mandate, the Corporation immediately commenced the bank’s liquidation process, including the verification and payment of insured deposits to all depositors.

Significant progress has been made in reimbursing the insured deposits of the N5 million maximum per depositor. It is instructive to state that, depositors yet to be paid their insured deposits are largely those without Bank Verification Number (BVN) or alternate accounts in other banks to enable the Corporation fetch the accounts from the Nigeria Inter-Bank Settlement System (NIBSS) database to effect payment. Other depositors in this category are those with post no debit (PND) restrictions on their accounts. Additionally, some accounts have Know Your Customer (KYC) limitations such as Tier 1 accounts that places restrictions on the maximum lodgment of funds, while others have name mismatches that require resolution.

Some depositors who have been paid may also be unaware that they have received payments due to lack of mobile phone transaction alerts on their alternate accounts into which the insured sums were paid by the NDIC.

Therefore, depositors are advised to check their alternate bank accounts, as some payments may have been processed without their immediate awareness.

Commencement of Payment to Uninsured Depositors

While depositors with balances above N5 million have been paid the initial insured sums of the N5 million, the remaining balance in excess of the insured sum of the N5 million already reimbursed, will be paid as liquidation dividends in accordance with the Corporation’s statutory mandate.

The NDIC has made substantial progress in disposing the physical assets and recovering some of the debts of the failed bank to ensure that depositors with balances above the maximum insured limit receive their payments as soon as possible.

As a clear demonstration of this commitment, the Corporation commenced the realization of physical assets and investments as well as aggressive recovery of the risk assets, concurrently with the verification and payment of insured sums. To ensure transparency and compliance with legal requirements, the NDIC has widely advertised the asset disposal process on its official website, social media platforms, and major national newspapers, as well as through radio and television announcements.

The Corporation’s approach of simultaneously paying insured depositors while aggressively pursuing asset sales and debt recovery is designed to accelerate the liquidation process and ensure that all depositors receive their funds without unnecessary delays.

With the considerable progress recorded in the asset realisation, the Corporation will declare the first tranche of liquidation dividends in April 2025 which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims.

For clarity, the referenced section states that: “Where an insured institution is unable to meet its obligations or suspends payment, or where its management and control have been taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be available to meet its deposit liabilities. Such deposit liabilities shall have priority over all other liabilities of the insured institution.

Consequently, other claimants of the failed Heritage Bank, including creditors, and shareholders, will be considered for payment of liquidation dividends only after all depositors have been fully reimbursed.

The NDIC wishes to reiterate its commitment to the safety of depositors’ funds in all licensed banks. Members of the public are enjoined to continue their banking activities without fear, as all other banks remain safe and sound.

Leading financial institution, Fidelity Bank Plc released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.

According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.

Commenting on the results, Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc said:

“We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments. Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”

A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024. To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.

Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types. The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.

Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.

“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.

Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.

It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively.

The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognised as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%.

The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Over 1,500 residents have benefited from a Fidelity Food Bank outreach in Kabuga community, Dala Local Government Area of Kano State.

The Corporate Social Responsibility (CSR) initiative, executed in partnership with Misnoory Foundation, saw staff of the bank distribute essential food items to support people during the holy month of Ramadan.

Commenting on the distribution event, Divisional Head, Brands and Communications, Fidelity Bank Plc, Dr. Meksley Nwagboh, emphasized the bank’s dedication to supporting its host communities through impactful projects.

“Social responsibility is at the heart of who we are as a bank. Our Fidelity Food Bank initiative is one of the ways we drive social welfare in our host communities. The initiative was launched to support the vulnerable and alleviate the impact of hunger in the society as part of our contribution to Sustainable Development Goal 2, which aims to achieve zero hunger.

“Consequently, we have distributed more than 150,000 food packs at outreach events like this across the country since April 2023 when we launched the initiative. Our outreach in Kabuga is designed to support women, widows, children and the community with food items for the Ramadan season.”

On her part, the Founder, Misnoory Foundation, Maryam Isa Inuwa stated that, “The commitment of the foundation towards poverty alleviation and various humanitarian support to society’s most vulnerable members perfectly aligns with the Fidelity Bank initiative.

“Fidelity Bank is one of the major sponsors of our humanitarian outreaches to the needy in the society. The foundation is delighted to count on the bank as a long-standing partner.

“We seek to touch the lives of many people in need through our various humanitarian efforts across different communities and today, it is the turn of Kabuga community to benefit from the Fidelity Food Bank program.”

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.

It was also recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

L-R: Prof Frank Ojadi, Director, Export Management Program, Lagos Business School; Stella Nwuke, Team Member, Export & Agriculture Division, Fidelity Bank Plc; Emem Bassy, Managing Partner, Peony Dynamic Resource Limited; and Emmanuel Nwalor, Team Lead, Export & Agriculture Division, Fidelity Bank Plc; at the closing ceremony of the 18th edition of the Fidelity Bank Export Management Programme (EMP 18) held at the Lagos Business School recently.

Tier-one lender, Fidelity Bank Plc, has once again highlighted the importance of promoting non-oil exports as it recently hosted the 18th edition of its dedicated capacity development training tagged Export Management Programme (EMP 18).

The programme, which was held recently in Lagos provided a platform for entrepreneurs interested in exploring global trade opportunities to scale and acquire relevant expertise.

Hosted in partnership with the Lagos Business School (LBS), the 5-day intensive program focused on equipping entrepreneurs with the skills and knowledge needed to explore international market opportunities and strengthen their capacity to thrive in the export sector.

“At Fidelity Bank, our strategy to enhance non-oil exports is guided by the significant opportunities it offers to our customers and the national economy. This is why we offer a comprehensive suite of financial, advisory, and market-access solutions for businesses aiming to engage in international trade.

“Our market-access initiative, EMP, launched in 2016, has trained over 1,600 entrepreneurs. Today, we completed the 18th cohort with high-caliber participants and a 150% oversubscription. This indicates a promising future for Nigeria’s non-oil exports,” explained Isaiah Ndukwe, Divisional Head of Export and Agriculture at Fidelity Bank Plc.

Facilitated by key industry experts in the exports space, EMP 18 took participants through several sessions focused on critical areas in global trade such as Export Finance Instruments, Export Documentation, Accessibility of Export Markets, amongst others.

A key feature of the training was a facility tour of one of Nigeria’s busiest Export Processing Terminals (EPT) located in Ikorodu, Lagos State. The full-day visit, which was anchored by officials of the Nigerian Customs Service (NCS), gave participants a first-hand feel of the necessary procedure and requirements for securing regulatory approval for exporting from Nigeria.

One of the program participants, Patrick Ulayi Awu-Patricks, Managing Director/Chief Executive Officer, Alliance & Frontier Limited, commended Fidelity Bank for its leadership in deploying capacity-building initiatives in the non-oil exports sector.

In a discussion with journalists, he stated that EMP 18 provided invaluable exposure to the opportunities in the export business noting that, “there are lots of non-oil exports opportunities and entrepreneurs must be able to identify and capitalise on these to be able to play effectively in the international trade space. This course has given me insights into the power of data which is essential for strategic decision-making.”

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.

It was also recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.