Nigeria’s Access and Sterling Banks receive regulatory approval to become holding companies

NIGERIA – Two of Nigeria’s national commercial banks, Access Bank and Sterling Bank have received Approval-in-Principle from the Central Bank of Nigeria (CBN) to restructure into a holding company. The two Banks have joined a list of conventional banks in Nigeria, that are diversifying and restructuring their operations into holding companies. The proposed holding company structure would enable the bank to further accelerate their objectives around business diversification, improved operational efficiencies, talent retention, and robust governance. The move is in line with a policy shift by the Central Bank of…

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Nigeria’s Sterling Bank reports 10% growth in interest H1 income despite of COVID-19 disruptions

NIGERIA – Sterling Bank Plc, one of Nigeria’s leading commercial banks, has reported a 10% rise in interest income for the first half of the year ending 30 June 2020. This is despite of the Bank operating in a challenging economic environment characterized by the COVID-19 pandemic. Sterling Bank reported that its a net interest income stood at US$86.70 million in the half-year ended June 30, 2020. This represented a 10.1 percent rise when compared to the US$78.68 million during the corresponding period of 2019. Sterling Bank’s total assets also…

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Nigeria’s Sterling Bank launches new personalised banking service on WhatsApp to enhance customer experience

NIGERIA – Sterling Bank Plc, one of Nigeria’s fully fledged commercial banks, has launched a new personalized banking service on WhatsApp with the aim of enhancing customer experienced. Sterling Bank in a statement said that the WhatsApp personalized banking services was made possible through a collaboration with Clickatell, a global leader in mobile communications and chat commerce. Sterling Bank Group Head, Digital Banking, Oladipo Alabede, explained that customers could now initiate a number of bank transactions including bank transfers,  airtime and bill payments, check balance and make BVN enquiries directly…

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