STERLING BANK LEADS PROTEST FOR REMOVAL OF BANK TRANSFER CHARGES

LAGOS, NIGERIA – In a landmark move that sets a new benchmark for customer-focused
banking in Nigeria, Sterling Bank has championed 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 has confirmed that this is no stunt: the zero-transfer-fee policy is 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. “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.”

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.

This customer-first orientation is not new for Sterling. During the COVID-19 pandemic, the bank stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support. From that moment to now, Sterling has continued to redefine what it means to be a responsible and responsive institution.

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.”

Online communities were not excluded as WhatsApp Nigeria lit up with viral broadcasts as users forwarded the news across various groups, including one from a prayer circle that read: “Please my good people this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbour Justina just transferred N100k and no charges!!! God bless Sterling Bank!!”. The message quickly gained traction, sparking massive public interest and mounting pressure on other banks to follow suit.

Sterling’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.

FRESH: GTCO Plc Releases 2024 Full Year Audited Results…..…Pays Shareholders Record Dividend of N8.03k for 2024 Financial Year

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦1.266trilion, representing an increase of 107.8% over ₦609.3billion recorded in the corresponding year ended December 2023. This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management.

The Group recorded growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet. The Group’s loan book (net) increased by 12.3% from ₦2.48trillion in December 2023 to ₦2.79trillion in December 2024, while deposit liabilities grew by 37.8% from ₦7.55trillion to ₦10.40trillion during the same period. Total assets and shareholders’ funds closed at ₦14.8trillion and ₦2.7trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3%, likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% at Bank Level and 5.2% at Group in December 2024 (2023: Bank, 2.5%; Group, 4.2%) and cost of risk (COR) closed at 4.9% from 4.5% in December 2023.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive. Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution. We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.

He further added; “The total dividend of N8.03k for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year. Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability. We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create more value for our shareholders.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 60.5%, Pre-Tax Return on Assets (ROAA) of 10.3%, Capital Adequacy Ratio (CAR) of 39.3% and Cost to Income ratio of 24.1%.

Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services, including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets.

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