Stanbic IBTC Bank Set to Share N130m to Customers After Sterling Bank Dropped Online Charges

• Stanbic IBTC Bank intends to provide its clients with more than N130 million during the fourth season of its savings campaign
• The bank reiterated its commitment to helping Nigerians cultivate a strong saving culture through their various bank accounts
• Through its Season 4 Reward4Saving Promo, the bank underlined its commitment to creating a strong savings culture

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

In the fourth season of its savings promotion, Stanbic IBTC Bank plans to provide over N130 million to its customers.

The bank reaffirmed its dedication to developing a robust savings culture among Nigerians by announcing the start of Season 4 of its wildly popular Reward4Saving Promo.

In total, more than 1,900 winners from the last three seasons have won N318 million, and 874 fortunate winners will receive N130 million this year.

Speaking about the initiative, the Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, emphasised the bank’s dedication to financial empowerment, saying,

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“We are committed to empowering our customers to achieve their financial goals. The Reward4Saving Promo is our way of saying ‘thank you’ to our loyal customers and encouraging them to develop a savings culture.”

By rewarding their commitment, the promotion encourages Nigerians to cultivate a culture of saving.

For at least 30 days, customers of the bank will need to simply add at least N10,000 to their @ease wallet or new or existing savings. Their chances of winning increase as they save more multiples of N10,000.

Eligible participants must keep a minimum balance of N10,000 in their @ease Wallet or Stanbic IBTC Bank Savings Accounts for at least 30 days in order to be automatically enrolled into the campaign. To participate, non-account holders are urged to open Stanbic IBTC Bank Savings Accounts and keep a balance of N10,000.

To lend credence to the transparency of the winners’ selection process in the Reward4Saving Promo, the draws are usually supervised by representatives from the National Lottery Regulatory Commission and the Advertising Regulatory Council of Nigeria. The promo has won “The Most Transparent Consumer Promotion” Award two years in a row at the Industry Awards.

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This came as Sterling Bank has announced that it will no longer charge transfer fees for local online transactions. The bank is also encouraging other Nigerian banks to adopt the same policy.

The announcement was first made on Tuesday, April 1, 2025, via X (formerly Twitter).

It tweeted: "NIGERIANS ARE NO FOOLS! Enough Is Enough. No more quiet suffering. We’re doing our part by cancelling Transfer Fees.

Let the other banks copy." In its tweet, Sterling Bank tagged First Bank, Fidelity Bank, UBA, Access Bank, GTBank and StanbicIBTC, calling them to do the same.

Many people initially thought it was an April Fool’s joke, but the bank later confirmed in an official statement that the zero-transfer-fee policy is real and takes effect immediately.

With this decision, Sterling Bank, which is a subsidiary of Sterling Financial Holding Company, becomes the first major Nigerian bank to eliminate these charges on digital transactions.

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Under the new policy, Sterling Bank customers can transfer money for free using the bank’s mobile app. This is expected to help individuals and small businesses save money, especially those who carry out multiple transactions daily.

Nigerians open accounts as bank announces 100% free charges

Legit.ng reported that former Aviation minister, Chief Osita Chidoka, is among the Nigerians eager to open a personal account with Sterling Bank, following the bank's decision to eliminate charges on local electronic transactions.

The no-charge transactions apply to customers sending to accounts of Sterling Bank and also to other banks.

On April 1, Sterling Bank made headlines by announcing it would remove all local transfer charges on its OneBank platform.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng