E-Financial
Stanbic IBTC Bank to Reward Customers with N30m Cash Prizes in Reward4Saving Promo

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC has rewarded 60 of its new and existing customers with the sum of N6m for the September draws in its Reward4Saving Promo where the bank’s customers are expected to win cash prizes worth N30 million by the end of the promo.
The draws which took place at the Stanbic IBTC Headquarters on Walter Carrington Crescent, Victoria Island, Lagos saw 60 customers win cash prizes of N100,000 each at the first draws.
Speaking at the event, Olufunke Isichei, Head, Established Markets, Stanbic IBTC Bank PLC said over 109,000 new and existing customers qualified for the promo for the month of September, noting that the 60 winners at the draws were selected from the six geo-political zones of the country with 10 winners coming from each zone.
Olufunke said: “There are going to be two more draws – one for October, happening first week of November and one for November, happening first week of December and then the grand finale in December.”
Olufunke explained that a total of 180 winners are expected to win the sum of N18 million in the months of September, October and November, while 12 winners will win N1 million each at the grand finale in December to make up the N30 million that Stanbic IBTC Bank PLC will reward its customers within the period of the Reward4Saving Promo.
According to her, apart from the cash prizes, over 2,000 customers who opened accounts and funded it with a minimum of N5,000 have been rewarded with N500 Free airtime, adding that a total of 20,000 customers who open a new Stanbic IBTC savings account or @ease wallet and deposit a minimum of N5,000 will be rewarded with N500 Free airtime throughout the period of the Stanbic IBTC Reward4Saving promo.
Speaking in the same vein, Remy Osuagwu, Executive Director, Business and Commercial Clients pointed out that the Reward4Saving promo seeks to encourage customers to develop a savings culture.
He also encouraged customers to take advantage of Stanbic IBTC’s end-to-end digital services to access diverse financial products and services.
On the rationale behind the campaign, Remy said: “We recognise that saving is an important aspect of an individual’s journey to financial freedom so this is an avenue to encourage our customers as well as reward them for their dedication towards building a savings culture.
“We will be rewarding more customers with cash prizes ranging from of N100,000 to a whooping N1 million”.
Stanbic IBTC Bank PLC remains committed to its corporate purpose of serving it numerous customers and stakeholders by offering bespoke financial products and services while rewarding them for their loyalty over the years.
E-Financial
Banks Stops Instant Alerts for Cheques Pending Clearance

Banks in the country have begun suspending instant transaction alerts for cheques drawn from other banks until such cheques are fully cleared.
This is in compliance with a recent directive from the Central Bank of Nigeria (CBN).
This new policy affects customers who receive cheques from other banks, signaling a major change in how cheque payments are confirmed.
According to the CBN directive, the move is intended to prevent confusion around the status of cheque payments and to curb premature release of goods and services before the actual receipt of funds.
In an email sent to its customers, Access Bank stated that moving forward, alerts for cheques deposited into accounts will only be sent after the cheque has been completely processed.
This is to notify you of the recent directive by the CBN which requires banks to send transaction alerts on payments of other bank cheque only upon cheque clearance.
This means that you would only receive alerts for other banks’ cheques paid into your account after the cheque has been fully processed, that is, after the funds are paid into your account or if the cheque is unpaid and and returned from the other bank.
As a result of this new directive, you will no longer receive alerts for cheques lodged into your account until the cheque is cleared or returned”, the bank stated.
Access Bank also advised customers to monitor their accounts through other available channels such as the AccessMore app, internet banking platforms, PrimusPlus, and the USSD service *901# to stay updated on the status of their cheque deposits.
To track your transactions and ensure you do not part with your goods and services prior to payment. Please use our other channels; Accessmore, Internet banking, PrimusPlus, *901#.
We remain committed to delivering seamless and secure banking services to you always”, it said.
The CBN’s directive is designed to protect both payees and payers by ensuring that goods or services are not exchanged before the actual payment has been confirmed.
Previously, customers often received immediate alerts once a cheque was lodged, leading to confusion when the cheque was later dishonoured.
A banking industry insider commented, “This change is critical in promoting financial discipline. It safeguards businesses from losses due to bounced cheques and helps maintain the integrity of cheque payments.”
While digital payment methods are on the rise in Nigeria, cheques still remain a significant payment instrument in various sectors, particularly in wholesale trade and business-to-business transactions.
The apex bank’s new guideline is expected to strengthen trust in cheque transactions by ensuring that payment confirmations are accurate and timely.
As the financial ecosystem evolves, this move is one among several measures aimed at enhancing the safety and reliability of banking transactions across Nigeria.
Credit: Daily Sun
E-Financial
Sterling HoldCo Delivers Stellar H1 2025 Results; Capital Raise Strategy Gains Momentum

Sterling Financial Holdings Company Plc (“Sterling HoldCo”) has reported a remarkable 157% year-on-year growth in profit-after-tax, hitting ₦41.78 billion for the half-year ended June 30, 2025. This jump from ₦16.26 billion in H1 2024 reflects the Group’s strategic excellence and operational resilience.

Yemi Odubiyi
Profit after tax rose to ₦41.78 billion, while earnings per share climbed to 89 Kobo from 56 Kobo in the prior period. Gross earnings increased by 39.7%, reaching ₦212.61 billion. Interest income grew by 38.3% to ₦167.16 billion, and non-interest income surged 45% to ₦45.45 billion.
The Group’s cost-to-income ratio also improved significantly, declining from 75.7% to 64.5%, thanks to focused cost optimisation.
Sterling HoldCo’s total assets increased to ₦4.08 trillion as of June 2025, up 15.3% from ₦3.54 trillion in December 2024. Shareholders’ funds rose by 22.9% during the period, driven by strong retained earnings and successful recapitalisation. Asset quality also improved, with the non-performing loan ratio down to 5.1% from 5.4%.
Building on its financial strength, the Group completed a ₦100 billion private placement and rights issue, which enabled the recapitalisation of Alternative Bank and bolstered Sterling Bank’s capital base. A public offer to raise an additional ₦53 billion is set to launch in the coming weeks, forming the first phase of a US$400 million capital programme approved at the Group’s Annual General Meeting on June 30, 2025.
Group CEO Yemi Odubiyi attributed the half-year performance to strategic clarity and operational agility, noting that the results reflect resilience and value creation in a dynamic macroeconomic environment.
He reiterated the Group’s commitment to responsible growth, sustainable impact, and continued investment in Nigeria’s growth sectors, including renewable energy, healthcare, and community development.
Sterling HoldCo remains focused on leveraging its robust capital strategy to fuel long-term expansion, innovate across its financial services, and deepen its contribution to Nigeria’s economic progress.
E-Financial
Onuoha Takes Helm at ICAN Fidelity Chapter, Vows to Deepen Professional Excellence

Fidelity Bank Chapter of the Institute of Chartered Accountants of Nigeria (ICAN) has inaugurated Mr. Audifax Onuoha as its new Chairman, ushering in a fresh era of professional development and strategic collaboration within the bank.

L-R: Chairman of the Occasion and Regional Bank Head -Ikeja, Fidelity Bank Plc, Jude Monye, FCA; Associate Prof. & Member, Governing Council, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Mrs Obal Usang Edet Usang, FCA; 4th Chairman, ICAN Fidelity Bank Chapter, Audifax Onuoha, FCA; 61st ICAN President, Mallam Haruna Yahaya MNI, PhD, FCA; and Immediate Past Chairman, ICAN Fidelity Bank Chapter and Chief Financial Officer, Fidelity Bank Plc, Victor Abejegah; during the 4th Investiture and Patron Conferment Ceremony of the ICAN Fidelity Bank Chapter, held at the Fidelity Bank Head Office in Lagos recently.
The investiture, which took place at Fidelity Place, Lagos, also featured the swearing-in of the Chapter’s 2025–2027 Executive Committee and the conferment of a Patron award on Mr. Stanley Amuchie, Executive Director/Chief Operations and Information Officer of Fidelity Bank Plc.
Onuoha, who currently serves as Group Head, Compliance Risk Management at Fidelity Bank, succeeds Mr. Victor Abejegah, the bank’s Chief Financial Officer. In his acceptance speech, Onuoha pledged to prioritise capacity building and continuous learning for ICAN members and non-members across the bank.
He said the new administration would focus on equipping professionals with the skills required to navigate the evolving financial services landscape, while strengthening the strategic alliance between ICAN and Fidelity Bank.
“We will deepen the synergy between Fidelity Bank and ICAN as a foundation for a resilient financial ecosystem,” he said.
Delivering the opening address, Mr. Jude Monye, Regional Bank Head – Ikeja, Fidelity Bank Plc, urged the new leadership to make professional development a top priority, describing capacity building as imperative in today’s financial environment.
Monye commended the Chapter’s growth and attributed its success to the support of Fidelity Bank’s leadership, particularly its Managing Director/CEO, Dr. Nneka Onyeali-Ikpe.
In his remarks, Abejegah highlighted achievements during his tenure, including entrepreneurship training in fish farming, snail farming, poultry, and export processing, as well as improved member welfare and insurance support for bereaved families.
The event also saw the conferment of the Chapter’s Patron award on Amuchie, in recognition of his over 25 years of exemplary service in banking. He described the honour as a call to serve as a mentor and advocate within the ICAN community and Fidelity Bank family.
The ceremony concluded with the swearing-in of the new executive committee by ICAN’s 61st President, Mallam Haruna Yahaya.
Fidelity Bank Plc is a full-fledged commercial bank serving over 9.1 million customers through digital channels, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited. The bank has received multiple awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award and the Euromoney Award for Best Bank for SMEs in Nigeria.
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