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Tag: Sterling Bank

  • Sterling Bank empowers non-oil export  with capacity development

    Sterling Bank empowers non-oil export  with capacity development

    Sterling Bank Limited has accelerated its push to transform Nigeria’s non-oil export sector by hosting a series of nationwide training programmes across Lagos, Ondo, and Kano states.

    The initiative, which culminated in a grand finale event in Lagos themed “Excel in Non-Oil Export,” aimed to empower exporters with practical knowledge and tools to thrive in global markets and reduce Nigeria’s dependence on foreign exchange from oil revenues.

    Addressing participants at the event, Sterling Bank’s Managing Director, Mr.

    Abubakar Suleiman, reaffirmed the bank’s strategy to achieve foreign  exchange (forex) resilience through a diversified export base.

    “We realized that as long as the country relies on oil to import goods and services, it will never achieve foreign exchange independence.

    Read Also: We cannot defeat Tinubu in 2027 divided, says Edo PDP

    “Nigeria’s wealth lies in our people and potential. We must build products for the world, not just extract oil from the ground, Suleiman said.

    He described the programme’s reception as a clear signal that Nigerian entrepreneurs are eager for the knowledge to scale globally.

    Supporting this vision, Mr. Akporee Idenedo, Sterling Bank’s Divisional Head of Commercial

    Banking, described the campaign as a movement that reflects the depth of innovation across Nigeria’s value chains. He emphasized the bank’s continued investment in the HEART sectors, Healthcare, Education, Agriculture, Renewable Energy, and Transport. “This is a call to action, for Nigeria to lead as an export-driven economy,” Idenedo said, pointing to the sector’s potential to curb inflation, reduce unemployment, and stabilize foreign exchange.

    In a keynote address, Dr. ‘Biodun Adedipe, Principal Consultant at BAA Consult, provided

    encouraging projections for Nigeria’s export capacity.

    Citing IMF and Afreximbank data, he noted that African trade is expected to outpace GDP growth over the coming years.

    Dr. Adedipe praised Nigeria’s $5.456 billion non-oil export achievement in 2024, attributing it to improved macroeconomic stability, reforms, and initiatives like Sterling’s. He urged exporters to adopt export-led growth models that improve liquidity, hedge currency risks, and increase resilience in volatile economies.

    A major highlight of the event was the launch of the Sterling Bank Non-Oil Export Academy, a platform designed to bridge the knowledge divide and position Nigerian exporters for global competitiveness. 

    To register for the Sterling Non-Oil Export Academy, interested exporters can visit:

    www.sterling.ng/exportnow to register.

  • Cascador, Sterling Bank launch $2M fund to redefine SME lending

    Cascador, Sterling Bank launch $2M fund to redefine SME lending

    Cascador, Nigeria’s premier accelerator for mid-stage entrepreneurs, has announced partnership with Sterling Bank to launch a bold new debt funding model to unlock growth for Africa’s most promising ventures.

    Backed by a $2 million Catalytic Fund, the partnership introduces flexible, founder-friendly financing for Cascador alumni; pairing low-interest debt with business mentorship, tailored repayment terms, and dramatically reduced collateral requirements.

    “This is a breakthrough moment for Cascador and for the entrepreneurs we serve,” said Dave DeLucia, Founder of Cascador.

    “Through our partnership with Sterling Bank, we’re deploying capital in a way that’s truly catalytic -pairing mentorship and education with access to capital that’s structured around the real-life cash flows of growing
    businesses.”

    Sterling Bank will serve as fund custodian and structuring partner, offering entrepreneurs access to a diverse portfolio of instruments, from equipment loans to revenue-based financing, designed for mid-stage SMEs in sectors critical to Nigeria’s future: healthcare, logistics, education, manufacturing, agri-business, and financial inclusion.

    “We’re proud to support purpose-driven entrepreneurs with capital that meets them where they are -flexible, affordable, and designed around the realities of building a business in Nigeria,” said Abubakar Suleiman, Managing Director and CEO of Sterling Bank.

    “This isn’t just about funding, it’s about creating a new kind of financial support system that prioritises impact over formality and progress over paperwork.

    “We hope the fund presents a new model for capital deployment -one that other institutions and private investors across the continent can adopt to unlock the potential of Africa’s entrepreneurs.”

    Read Also: Lack of record keeping stalls SMEDAN, Sterling Bank funds disbursement

    Unlike conventional lending, the Sterling-Cascador model emphasises trust, traction and long-term viability.

    Beneficiaries will enjoy custom repayment plans and reduced risk lending, supported by a first-loss guarantee from Cascador and technical
    assistance from leading business advisors.

    Applications for the Catalytic Fund opened February 14 and will culminate in a high profile, invitation-only Pitch Day on May 14, 2025 where finalists will present to an elite investment committee composed of business leaders, faculty advisors, and investment professionals. Cascador will allocate both debt and equity funding based on impact, business viability, and long-term growth potential.

    Additional partners include the Nigeria Sovereign Investment Authority (NSIA) and the Development Bank of Nigeria (DBN), who will sponsor innovation awards for top performing ventures at the Pitch Day event.

    Since 2019, Cascador has supported over 60 entrepreneurs who have collectively raised more than $55M and created thousands of jobs across the continent. The launch of the
    Catalytic Fund, and the collaboration with Sterling Bank, represents a powerful new chapter in Cascador’s mission to strengthen Africa’s entrepreneurial ecosystem.

    Entrepreneurs are encouraged to apply for admission to Cascador’s 2025 accelerator program and, ultimately, eligibility for the Catalytic Fund.

  • Lack of record keeping stalls SMEDAN, Sterling Bank funds disbursement

    Lack of record keeping stalls SMEDAN, Sterling Bank funds disbursement

    The Director General, Small and Medium Enterprise Development Agencies (SMEDAN), Charles Odiii disclosed that Sterling Bank had provided N5billion as loan for Small and Medium Enterprises (SMEs) to upgrade their businesses, but only N250 million has so far been disbursed across the 36 states of the federation including the Federal Capital Territory, FCT.

    The N5 billion is not a grant but a loan to be accessed and paid back. The information was disclosed during the signing of the memorandum of understanding (MoU) between the two organisations SMEDAN and Sterling Bank. Presently a lot of small businesses are still finding it difficult to access this loan due to their lack of capacity  and non-keeping of business records.

    Odii said the agency is experiencing a stunted disbursement of these loans which was not expected at all as he explained that the money is available but cannot be accessed due to lack of capacity.

    The Director-General who spoke with The Nation in Abuja disclosed that SMEDAN is working through its business clinics to train more people and licence them to increase their capacity to unlocking their businesses.

    He said: “We are experiencing stunted disbursements in these loans because it is not going the way we expected, the small businesses do not have the right capacity and again most of the small businesses are run without records. We are working through our business clinics to train more people and licence them to increase their capacity to unlocking their businesses.

    Read Also: PDP: From bloom to gloom

    “At Q1 we have so far trained 12000 business owners through some of our partners and we plan to do more to equip the capacity of our businesses. For the loan assessment, the state that really did well in the area of loan acceessment is Katsina State.

    “The present governor of Katsina State who was a one time Director-General SMEDAN, Umar Dikko Radda leveraged the information and ensured the state’s SMEs benefitted from these loans; 204 from the state accessed the loan. Katsina State alone was able to do about N200 million in the disbursement.

    “We have disbursed approximately N250million across the 36 states of the federation including the federal Capital Territory FCT which is only five per cent of the funds available. We have also signed a MoU with other state governments and BoI, so we can disburse more loans to small businesses.”

    Odii added that SMEDAN signed a MoU with Katsina to the tune of N1 billion for SMEs in the state stating that the governor is putting in a lot efforts to help small businesses access the fund. “We created the SMEs data bank, where small businesses have to register so we can know them, understand their track record and give them finances,” he said.

  • Nigerians to get up to N1m extra monthly -Sterling Bank

    Nigerians to get up to N1m extra monthly -Sterling Bank

    Sterling Bank has announced the introduction of AlwaysOn by Sterling, a bold new feature on its OneBank platform that will give eligible customers up to N1 million extra every month -even when their account balances are running low.

    Launched on Workers’ Day 2025, the initiative is part of an ongoing movement to remove structural barriers to financial freedom and empower everyday Nigerians to move boldly, even in uncertain times.

    AlwaysOn is a specialised, invitation-only feature for customers who maintain an active OneBank account for a while. It provides an advance to settle bills or make payments without delays, or any of the friction associated with traditional credit systems.

    “This is not just about funds,” said Abubakar Suleiman, Chief Executive Officer of Sterling Bank. “It’s about freedom and dignity. It’s about backing our customers with the trust and tools to act boldly when life demands it.”

    Suleiman emphasised that the new feature is not a product, it’s a logical shift in how the bank supports its customers.

    “We’re building a financial ecosystem designed for momentum -for people with grit, urgency, and dreams too big to wait. If you’ve banked with us, you’ve earned our confidence. Now you’ll have our backing to match,” added Suleiman.

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    The introduction of AlwaysOn marks the next chapter in Sterling’s growing movement to create a fairer and more responsive financial system. It follows the Zero Transfer Fees initiative in April, which returned an estimated N13 billion to Nigerians by eliminating transfer charges across the OneBank platform. It also builds on Sterling’s Free Bus Ride initiative, which helped commuters get home from work for free during a time of intense economic pressure.

    Together, these efforts reflect the bank’s bold, people-first approach to customer impact, now made possible by its adoption of SeaBaas, Nigeria’s first indigenous core banking platform.

    “We’re not the kind of bank that stands on the sidelines while Nigerians hustle,” said Obinna Ukachukwu, Growth Executive for Retail and Consumer Banking. “We removed the fees that slowed them down. Now we’re giving Nigerians the financial freedom to seize opportunity when it shows up. We’re on the pitch with them.”

    Sterling’s actions have sparked widespread public support and national recognition as they have continued to push the boundaries of what corporate citizenship can mean to everyday Nigerians.

    Notable icons from various fields have canvassed their support and praised the bank’s stance in redefining financial services, inspiring other institutions to follow suit.

    Nigerians are encouraged to apply to join the waitlist for the scheme when it goes live later this month and ultimately, eligibility for up to N1M extra in relief advances.

  • Sterling Bank eliminates transfer charges for online transactions

    Sterling Bank eliminates transfer charges for online transactions

    As part of its move in reshaping Nigeria’s banking landscape, Sterling Bank has eliminated transfer charges for online transactions, ushering in a new era of truly free digital banking. The policy, which is already in effect, is aimed at rewarding Nigerians who join the bank before the end of April.

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    At a press briefing in Lagos, the bank’s Chief Executive Officer, Abubakar Suleiman, underscored the strategic nature of this decision. “This is not an incidental event; it is a well-orchestrated initiative built on years of transformation,” Suleiman said.

    He highlighted three critical technological advancements that laid the groundwork for this policy. “The first one was that we actually wrote a code from scratch to create a call back in an application that can handle five million customers, and I think it has handled over 180 million transactions since it went live.

  • Nollywood superstar joins Sterling Bank

    Nollywood superstar joins Sterling Bank

    • Endorses Free Transfer for Nigerians

    The banking hall at Sterling Bank’s Adeola Odeku branch erupted in excitement on Thursday as Nollywood icon Uzor “Odogwu” Arukwe walked in, not for a movie role, but to make a powerful real-life statement and endorse the bank’s revolutionary zero bank charges policy. The beloved actor, known for his captivating screen performances, brought his star power to the financial sector by publicly opening two accounts with Sterling Bank, becoming the latest high-profile advocate of the bank’s industry-defying decision to eliminate digital transaction fees through its OneBank platform.

    Arukwe didn’t come alone. After tweeting support for the policy, he arrived at the bank with a promise and was greeted by a crowd of eager fans and loyal customers. The atmosphere buzzed with the kind of excitement usually reserved for movie premieres, but the stakes here were far more impactful. “This isn’t celebrity endorsement; it’s common sense,” Arukwe declared, holding up his new account details. “If a bank finally puts people first, we should reward that. My fellow creatives, small business owners, please join me!” His actions sent a clear message to millions of Nigerians tired of paying just to access their own money.

    Sterling Bank’s leadership team, including Temitayo Adegoke, Chief Operating Officer, and Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate, personally welcomed Arukwe in a celebration that felt more like a victory rally than a banking transaction. This move has positioned the institution as the first major Nigerian bank to abolish what critics have long decried as digital taxation. “We’re hacking the system, and we’re not just talking about change, we’re building it. And every Naira saved on bank fees is Naira for food, school fees, or reinvestment. That’s real economic impact,” said Ukachukwu.

    The move comes just days after former Aviation Minister Osita Chidoka made headlines for his own high-profile switch to Sterling Bank, framing it as a stand against “digital oppression.” Now, with Arukwe’s star power amplifying the message, what began as a policy announcement is fast becoming a full-fledged movement. “This isn’t a marketing gimmick. It’s an economic statement,” said Abubakar Suleiman, Managing Director and CEO of Sterling Bank, at a recent press conference. “We are removing this burden for Nigerians, and by doing so, we’re opening the door for more Nigerians to confidently participate in the formal economy.”

    Read Also: Sterling Bank CEO seeks extension of Student Loan scheme to private varsities

    As Arukwe posed for photos with fans and staff, the scene captured more than just a celebrity visit, it symbolised a shift in power. “Nigerians are tired of being nickel-and-dimed,” the actor said. “Today, I’m putting my money where my mouth is. Who’s with me?”

    Launched on April 1, 2025, Sterling’s zero-transfer-fee policy makes it the first major Nigerian bank to eliminate charges on digital transfers conducted via OneBank, its flagship mobile and internet banking platform. The bank no longer earns a cut when customers move their money. Since its implementation, the announcement has sparked the viral #NigeriansDeserveBetter and #BankWithSterling movement, sending waves of customers rushing to switch their accounts.

    Sterling is backing this promise with real investment, building homegrown technology to reduce dependence on foreign software providers and redirecting the resulting savings into customer benefits. The zero bank charges policy is a tangible step toward banking that puts people first. The waived fees apply exclusively to online and digital transactions made through OneBank, which offers a full suite of services including savings, bill payments, microloans, and investment options.

    With heavyweight supporters like Arukwe and Chidoka, and a growing wave of customer enthusiasm, Sterling Bank’s bold decision may well mark the beginning of a new era in Nigerian finance, one where fairness trumps fees, and people come before profits. ‎<This message was edited>

  • Sterling Bank CEO seeks extension of Student Loan scheme to private varsities

    Sterling Bank CEO seeks extension of Student Loan scheme to private varsities

    • MIVA Open varsity targets 100, 000 students

    The Chief Executive Officer (CEO), Sterling Bank, Abubakar Suleiman, has urged the Federal Government to extend the Student Loan scheme to private universities.

    Suleiman said the decision would not only promote equal access to education funding, but also bridge the gap between public and private universities in the country.

    Presently, the Act establishing the Nigerian Education Loan Fund (NELFUND) only makes provision for students in public tertiary institutions to benefit from the loan.

    But, speaking in Abuja on Wednesday at the 50th birthday colloquium of the Founder of MIVA Open University, Sim Shagaya, the Sterling Bank boss said expanding the student loan scheme to private universities would bridge the gap in education funding.

    He also said it will enable more students to access quality education, regardless of their financial background.

    The keynote speaker, who is also a member of the Board of MIVA Open University, said: “What I hope will be the true birthday gift for Sim and for us at MIVA, is for the government to extend the Educational Loan Scheme to private universities.”

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    Suleiman underscored the importance of utilising technology to increase access to education in Nigeria, highlighting its potential to address the country’s educational challenges.

    He noted that education must be both accessible and affordable to have a meaningful impact.

    Suleiman emphasised that education is crucial for Nigeria’s development, particularly tertiary education that prepares students for the workforce.

    The Sterling Bank CEO pointed out that Nigerian universities face significant challenges, including inadequate physical infrastructure and a shortage of academic staff, ultimately affecting the quality of education.

    He described the celebrant as a visionary leader who has made significant contributions to education in Nigeria.

    In his remarks, the Vice – Chancellor, MIVA Open University, Prof. Tayo Arulogun, lauded the celebrant, expressing gratitude for his vision and commitment to providing accessible and affordable education to Nigerians.

    Prof. Arulogun highlighted the founder’s tireless efforts in establishing and growing the university which has enabled the institution to become a leading provider of online education in Nigeria.

  • Sterling Bank removes transfer fees on online transactions

    Sterling Bank removes transfer fees on online transactions

    Sterling Bank has announced the removal of transfer fees on all local online transactions, becoming the first major Nigerian bank to eliminate the contentious charges for digital banking.

    The move was confirmed on Tuesday in a statement with the bank reaffirming its commitment to customer-centric banking.

    According to Obinna Ukachukwu, the bank’s Growth Executive for Consumer and Business Banking, the zero-transfer-fee policy is a values-driven approach aimed at ensuring fair and inclusive banking.

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

    Read Also: Sterling Bank, Sun King partner to expand access to solar energy in Nigeria

    He added: “This is more than a financial decision—it’s about redefining banking to put customers first.”

    The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.

    Ukachukwu further emphasised that the bank’s decision is about more than just competitive strategy, stating:“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.”

  • Sterling Bank leads campaign for removal of transfer charges

    Sterling Bank leads campaign for removal of transfer charges

    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 any local online transactions by its customers.

    The announcement, on April.1, 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 but 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,” he added.

    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.

    Read Also: Sterling Bank, Sun King partner to expand access to solar energy in Nigeria

    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.

  • Sterling Bank, Sun King partner to expand access to solar energy in Nigeria

    Sterling Bank, Sun King partner to expand access to solar energy in Nigeria

    Sterling Bank Limited has announced a strategic partnership with Sun King, a global leader in solar energy solutions to unlock solar opportunities in Nigeria. 

    This partnership is designed to provide affordable solar energy products and flexible financing options to small and medium-sized enterprises (SMEs) and households across Nigeria. 

    Customers can get loans to buy Sun King solar systems and pay over 48 months. After full payment, the system unlocks permanently, providing free energy for years.

    Sun King’s experts across Nigeria are available to support the customers through the process. From site inspection and installation to servicing, backed by top-tier warranties.

    Through Sterling’s financing, customers can choose from Sun King’s affordable solar home systems, which provide essential energy solutions such as lighting, phone charging, and powering compatible TVs, radios, and fans.  

    The partnership will offer Sun King’s advanced solar inverters, like the PowerPlay Pro and PowerHub. These customizable systems fit any home or business, powering all standard AC appliances day and night, even during outages or off-grid use.  

    “At Sterling Bank, we are committed to empowering Nigerians with the tools they need to thrive, especially in an era where energy access is vital for economic growth,” said Ayo Falola, Group Head, Renewable Energy, Sterling Bank. 

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    “Our partnership with Sun King is a step toward a greener, brighter, and more inclusive future, ensuring that small businesses and households can access clean energy without financial and infrastructural barriers.” 

    Eno Umoh, Sun King’s General Manager Partnership Sales, West and Central Africa noted that “the right mix of solar technology and access to finance shields customers from rising generator and electricity costs. 

    “Through our partnership with Sterling Bank, Sun King is enabling quick, easy access to financing, empowering families to go solar, save money, and enjoy reliable electricity.” 

    Key Highlights of the Partnership: 

    Access to Premium Solar Products: Customers will have access to Sun King’s high-performance solar systems, with state-of-the-art solar and battery technology. 

    Flexible Financing Options: Sterling Bank’s credit facilities provide a new way for businesses and individuals to acquire solar systems in affordable installments, reducing upfront costs. 

    Economic Growth: The partnership is open to homes and small and medium-sized enterprises (SMEs), providing reliable power to fuel productivity and growth. 

    Environmental Impact: The initiative will help reduce Nigeria’s carbon footprint by accelerating the adoption of clean energy solutions. 

    This partnership underscores both brands’ commitment to driving Nigeria’s transition to renewable energy and supporting its Sustainable Development Goals (SDGs). Customers can explore these offerings by visiting any Sterling Bank branches across Nigeria or visit any Sun King shops nationwide.