Sterling Bank has called for 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 Bank, in a statement, has confirmed that it is not a stunt, that the zero-transfer-fee policy was 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, Sterling Bank

“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,” it sated.

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.

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.”

Fidelity Bank Plc has reported a pre-tax profit of N385.2 billion for 2024, representing a 210 per cent growth compared to the N124.3 billion recorded in 2023.

Dr Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc,

The bank, in a statement released on Monday, declared a total dividend of N2.10 per share following its strong financial performance in 2024.

Gross earnings increased by 87.7 per cent to N1,04 trillion, driven by a 106.9 per cent growth in interest and similar income to N950.6 billion.

The increase in interest income was attributed to improved yields on earning assets and a 51.6 per cent expansion in the earnings base to N6.3 trillion.

This led to a profit after tax of N278.1 billion, representing a 179.6 per cent annual growth.

Commenting on the results, Dr Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc, expressed satisfaction with the growth.

“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 by 210 per cent in Profit Before Tax (PBT), rising from N124.3 billion in 2023 to N385.2 billion in 2024,” she said.

A further review of the financial performance revealed that the bank’s net interest income increased by 127.1 per cent to N629.8 billion, driven by a high-yield environment in 2024.

To optimise its margin, the bank maintained asset yields above funding costs by maintaining a high low-cost deposit profile at 92.6 per cent.

This led to an increase in its Net Interest Margin from 8.1 per cent in 2023 FY to 12.0 per cent.

Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9 percent from N4 trillion in 2023 financial year to N5.9 trillion.

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 per cent to N1.1 trillion, marking the 10th consecutive year of double-digit annual growth in savings deposits.

In spite of the challenging economic conditions in 2024, the bank continued to support the real sector of the economy by increasing its Net Loans and Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024.

“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,” Onyeali-Ikpe explained.

Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year.

This is subject to shareholders’ approval at its forthcoming Annual General Meeting (AGM) on April 29, 2025.

The dividends will be paid on April 29, 2025, to shareholders whose names appear on the register of members as of April 15, 2025.

The bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed.

Securities and Exchange Commission (SEC), has warned promoters and operators of entities engaged in a prohibited scheme that they will be liable to a penalty of not less than N20 million or imprisonment to a term of 10 years or both under the newly signed Investments and Securities Act (ISA) 2025.

Dr Emomotimi Agama, director-general, SEC,

Dr Emomotimi Agama, director-general, SEC, said it is one of the provisions of the ISA 2025 recently assented to by President Bola Tinubu.

Agama said this in a statement in Abuja on Tuesday said the new Act would strengthen the legal framework governing Nigeria’s capital market.

Agama said the commission previously lacked the legal power to prosecute Ponzi scheme operators, which had made it difficult to bring offenders to justice.

He said the Act would help the commission to better protect investors, and introduce reforms that would promote market integrity, transparency, and sustainable growth.

”So, N20 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspecting or any accused capital market or non-capital market operator.

”It is just part of the penalties and or the sanctions that will be meted against such persons.

”Any profits or gains obtained from defrauding Nigerians will be recovered because it is not about the quantum of the fraud, it is about sanctions that will deter people from even getting into it.

”We recognise that a lot of Nigerians have fallen prey to these schemes and the reason why that is the case is because there were no sanctions.

”Protecting the investors in Nigeria is a cardinal responsibility of SEC and this law has provided the SEC with stronger powers to be able to do that,” he said.

The director-general said the Act had also introduced transformative provisions to further align Nigeria’s market operations with international best practice.

ISA, 2025, had repealed the Investments and Securities Act No. 29 of 2007.

Credit: NAN