E-Financial
Sterling Bank Introduces Free Bus Rides for Nigerians
After sparking a national movement with its Zero Transfer Fees campaign, Sterling Bank has once again pushed the boundaries of what corporate citizenship can mean to everyday Nigerians.
Last week, regular Lagosians stepping out after long workdays were met with an unexpected gift: Sterling OneBank-branded buses waiting to take them home, free of charge.
Starting as a push against bank transfer fees, the initiative has now taken to the streets, as the bank began offering free bus rides to customers across major Lagos corridors, a gesture that will continue through May 2025 to ease the return of workers after the May Day holidays.
For a city where a single bus fare can be the difference between feeding a family or not, Sterling’s free ride initiative struck a deep chord.
What began with free transfers through its OneBank platform has now evolved into a movement on wheels, connecting digital convenience with real-world survival.
In a time of skyrocketing costs, the bank is reaffirming a simple belief: financial freedom should not end at the removal of bank charges, it should move you, carry you, and lift you.
Across Lagos, from Obalende to Ikorodu and TBS to Oshodi, the sight of Sterling buses pulling up to offer free rides sparked moments of disbelief, gratitude, and quiet celebration.
For thousands of commuters, it was a tangible reminder that sometimes, the biggest changes come not from slogans, but from small, deliberate acts of care.
“For customers who have to choose between transport fare and groceries, this is more than a ride, it’s hope, said Chidimma Okoli, Masterbrand Marketing Lead at Sterling.
“When we said we were tearing down the barriers to moving your money, we meant it. But we also meant the barriers to moving yourself, to moving your dreams, to moving your life forward.
This isn’t just about banking apps. It’s about freedom, in every sense of the word.”Mary E., a market trader from Oshodi, stepped off a Sterling bus last Friday and captured the mood perfectly.
“This is the first time a bank is not just advertising but acting, she said, beaming.
“I have saved on transfers all month because of OneBank. And today, I saved on my transport. Sterling ehn, dem sharp. Dem dey move.”
Across town, a young professional shared his own experience on LinkedIn: “Every naira matters o. I already saved money on bank transfers using OneBank. Today, Sterling saved me time, money, and stress after a brutal day at work. They just get it.
Another rider, Amaka I., a single mother and hairdresser from Ajah, described the free ride as “a blessing nobody told me was coming.” She added, “We Lagos people work so hard just to move. Today, I didn’t have to count Naira for my bus fare. That is dignity. That is respect.”
Chidimma Okoli emphasized that this initiative was never about fanfare, but about putting philosophy into action. “Financial systems have for too long extracted from Nigerians,” she said.
“At Sterling, we are making a different choice. We are giving back, not just in naira and kobo, but in opportunities, in relief and in real dignity.”
This initiative builds on Sterling’s history of standing with Nigerians during critical moments.
During the pandemic, Sterling was one of the first banks to support remote work transitions and provide digital lifelines to struggling SMEs. Through programs like AltSchool Africa and entrepreneur bootcamps, Sterling has opened new doors to skills development and affordable financing.
After fuel subsidies were removed, the bank financed transport cooperatives to keep mobility alive for thousands who would otherwise have been stranded.
But according to Okoli, what matters now is not history, it’s momentum. “We’re not trying to relive past glories,” she said. “We’re building new victories, alongside the people who trust us every day with their journeys.”
Beneath the buses and smiling faces lies a deeper story of infrastructure strength. Sterling’s robust digital banking backbone, capable of handling over 180 million transactions and scaling rapidly, allows it to absorb costs that many banks would have pushed onto customers. It is this invisible engine that has further helped make visible change possible.
As the month of May approaches, the momentum will continue. Workers returning from the holidays can expect to find the free rides still running across locations, a daily reminder that real banking doesn’t just live in apps but also on the streets, in the choices that make hard lives a little easier.
Sterling is encouraging all riders to share their experiences online, turning thousands of quiet journeys into a loud statement that Nigeria deserves a financial system that carries its people forward, not holds them back. Because true banking is not about hoarding profit; it is about moving lives and moving freely.
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
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.
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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