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Sterling Bank Plc has launched “a free money transfer service” for Nigerians in diaspora, called ‘Switch’, to promote financial inclusion, international banking and allied services for such Nigerians.
Mr Shina Atilola, Sterling Bank’s Divisional Head, Retail and Consumer Banking, disclosed this in a statement made available to the Newsmen on Wednesday in Lagos.
Atilola said that Switch is a zero per cent transaction charge offer, which further demonstrates the banks commitment to make cross-country banking accessible to all Nigerians abroad.
According to Atilola: Switch users will be able to fund their account for free when using their Naira Debit Card and they will enjoy free service charge when they fund their Switch account using foreign bank cards for six months at the first instance.
Switch enables the processing of everyday banking and financial services such as the payment of bills, funds transfer, payment requests, investments, asset financing and insurance services, among others, in their preferred currencies.
Over the years, Nigerians in the diaspora have often had difficulties funding their Nigerian bank accounts using international bank cards due to high charges, and inability to perform seamless online transactions without recourse to the bank or its agents for money exchange, among others.
“Switch will benefit the customers’ desire for a convenient banking that gives more value, adding that some of the benefits include currency swap, access to asset financing diversified investment offerings and protection from mishaps with various insurance packages.
“Switch provides customers with the added value of asset financing, investment and insurance opportunities at better rates,” he said.
Atilola explained that the new product is a mobile app and is available on Android and IOS stores. Switch, a multi-service platform, has been approved by the Central Bank of Nigeria (CBN) and funds domiciled in the Bank via the App are insured by the Nigeria Deposit Insurance Corporation (NDIC).
He noted that though Switch is designed for Nigerians in the diaspora, and can be operated from any part of the world, it is, however, only accessible to users in the United Kingdom (UK), United States (US) and Canada at the moment.
‘The plan is to expand to other countries of the world where Nigerians reside,’ he added.