Stanbic IBTC Bank, a leading financial services provider in Nigeria, has launched Season 4 of its highly successful Reward4Saving Promo, reinforcing its commitment to fostering a strong savings culture among Nigerians.

Building on the success of the previous three seasons, over 1,900 winners have collectively received ₦318 million, and this year’s edition is poised to be even bigger. A total of ₦130 million will be awarded to 874 lucky winners, providing customers even more chances to save and win big.

The promotion encourages Nigerians to develop a savings culture and reward their loyalty. Simply fund your new or existing savings or @ease wallet with a minimum of #10,000 for at least 30 days. The more multiples of #10,000 you save, the higher your chances of winning.

Speaking about the initiative, Wole Adeniyi, the Chief Executive of Stanbic IBTC Bank, emphasised the bank’s dedication to financial empowerment: “We are committed to empowering our customers to achieve their financial goals. The Reward4Saving Promo is our way of saying ‘thank you’ to our loyal customers and encouraging them to develop a savings culture.”

To participate, eligible individuals must maintain a minimum balance of ₦10,000 in their Stanbic IBTC Bank Savings Accounts or @ease Wallet for at least 30 days to be automatically entered into the promotion. Non-account holders are encouraged to open Stanbic IBTC Bank Savings Accounts and maintain a balance of ₦ 10,000 to participate. Winners will be selected through a transparent random draw process and receive exciting cash prizes ranging from N100,000 to ₦5 million.

To lend credence to the transparency of the winners’ selection process in the Reward4Saving Promo, the draws are usually supervised by representatives from National Lottery Regulatory Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON). The promo has won “The Most Transparent Consumer Promotion” Award, two years in a row at the Industry Awards.

The Reward4Saving Promo Season 4 is officially open, and now is the perfect time to begin your journey toward financial security.

Open a savings account or @ease Wallet with Stanbic IBTC, start saving, and stand a chance to win big!

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.