Corporate Social Report Sterling Bank Launches Africa’s First Free Banking Service for...

Sterling Bank Launches Africa’s First Free Banking Service for NGOs

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Recently Sterling Bank, Sterling One and Nigeria Network of NGOs launched a new banking product for Nigerian nonprofits- Sterling C.A.R.E.S ( https://sterling.ng/cares/ ) to commemorate the International Day of Charities. This is Africa’s first free banking service for nonprofits.

The Sterling C.A.R.E.S account allows nonprofits to operate their corporate accounts without account maintenance fee (AMF) and transaction charges forever. The only applicable charge on the account is for SMS notifications. This product is open only to nonprofits, that is, legal entities operated for social benefit. It is introduced to help nonprofits keep costs down at this challenging time when their work and support is needed now more than ever by groups often left behind.

With this product, Sterling Bank has indeed democratised its corporate social responsibility as nonprofits interested in saving costs on banking services can now voluntarily approach any Sterling Bank branch (https://allnigeriabanks.com/all-sterling-bank-branches-in-nigeria-and-their-addresses/ ) in any State of the Federation to open a Sterling C.A.R.E.S account with no initial or minimum deposit. The account comes will the full bouquet of banking services enjoyed by any corporate customer with no hidden charges.

Oyebisi, B. Oluseyi, Executive Director at the Nigeria Network of NGOs says: “This novel product is a revolutionary declaration of support by Sterling Bank and Sterling One Foundation for those organisations committed to helping the vulnerable and whose works supports the attainment of the United Nations Sustainable Development Goals in Nigeria. It is indeed a landmark nonprofit banking product in our history and on the African continent that we know of. This will go a long way in further increasing both the social and economic impact of Nigerian civil society organisations by freeing up more resources to scale nonprofit solutions”.

“Sterling C.A.R.E.S is a child of necessity introduced to support financing of the Sustainable Development Goals via fee-free banking for nonprofits. With its introduction, everyday banking transactions are now at no cost. The era of payment of bank charges by nonprofits is over! They can now bring their banking cost down and do more with the savings from account maintenance fees and transactions related charges. Additional benefits include access to a full bouquet of online banking services and a donation link on the website of nonprofits for receiving local and international transfers,” Olapeju Ibekwe, Chief Executive Officer, Sterling One Foundation noted.

Quick facts

Sterling C.A.R.E.S
• Has no tenure. Nonprofit customers can expect to enjoy this free banking service for as long as they keep an account with Sterling Bank.
• Is for traditional nonprofits (not for religious nonprofits, schools etc).
• Available to all registered nonprofits across the country.
• SMS charges and statutory charges apply (stamp duties and VAT) – these are 3rd party charges that Sterling Bank has no control over.
• To ensure smooth operations, relationship officers have been assigned to walk nonprofit customers through the application process. Contact them here (https://docs.google.com/spreadsheets/d/1dM1tWP0iP9A5204l0IM27I6XudcgJcjY/edit?usp=sharing&ouid=102114408723031347429&rtpof=true&sd=true )

For more information: https://sterling.ng/cares/

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