Sterling Bank, the Nigerian lender, has launched a new solution called Switch. The free money transfer service is in a bid to revolutionise international banking and allied services for Nigerians in the Diaspora.
In a statement issued by the bank recently, Shina Atilola Sterling Bank’s divisional head, retail and consumer banking, said Switch, the new product, and the zero transaction charges offered clearly demonstrates the bank’s commitment to making cross-border banking accessible to all deserving Nigerians.
“Switch users will be able to fund their account for free when using their Naira Debit Card while they will enjoy free service charge when they fund their Switch account using foreign bank cards for six months at the first instance,” Atilola said.
He further explained that Switch enables the dealing out of everyday banking and financial services such as payment requests, investments, bills payment, funds transfer, asset financing, and insurance services, among others, in their favourite currencies.
The divisional head also noted that over the years, Nigerians in the diaspora have often times had difficulties funding their local bank accounts using international bank cards due to high charges, and lack of ability to perform seamless online transactions without alternatives to the bank or its agents for money exchange, among others.
“Switch would benefit the customers’ desire for convenient banking that gives more value,” he said, 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 maintained.
The new product which is a mobile app is a multi-service platform that would enable Nigerians resident in the diaspora to enjoy banking and other allied financial services.
The bank explained that the mobile banking application 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).
Atilola, however, disclosed that despite the fact that Switch is designed for Nigerians abroad, with its operability function from any part of the world, it is however accessible to users in the United Kingdom (UK), United States (US) and Canada at the moment, adding that plans are underway to expand to other countries of the world where Nigerians reside.