In line with our commitment to serve you better, we are pleased to inform you that the Central Bank of Nigeria has extended the commencement date for applying service charges/fees on qualifying cash transactions to 30th March 2012. We are also pleased to update you on the key highlights of the cash-less policy (as amended) as follows:
- Banks shall cease to offer cash pick up services for customers effective 1st January 2012. Cash in Transit (CIT) licensed companies will however take up such services for merchants (customers);
- 3rd party cheques above N150,000 shall not be eligible for cash withdrawal over the counter. Value for such cheques can only be received via lodgment into a Bank account, effective 1st January 2012;
- Effective 30th March 2012, service charge of 10% shall apply on individual customers or 20% on corporate customers that receive cumulative daily cash lodgments or make cumulative daily cash withdrawals in excess of N150,000 (individual) and N1million (corporate) respectively;
- The service charge referred to in (3) above shall apply on the amount over and above the set limits.
Please be reminded that our various electronic products/payment solutions are available to help you achieve full-compliance with the cash-less policy, in addition to their being convenient, secure and efficient. With our electronic payment solutions, you will be able to carry out basic banking transactions electronically in the comfort of your homes, offices and anywhere using various electronic channels (Cards, Mobile Phones and the internet).
Below is a list of some of the products we have developed for your delight and convenience:
- STERLING BANK POINT OF SALE TERMINAL
Sterling POS is a portable device that allows local and international cardholders pay for goods and services in a retail environment. It provides a convenient, modern and efficient means of processing real time transactions and value is credited to the merchant (your) account the next day. We shall provide these devices to you (subject to our internal viability assessment) free of charge. All you are responsible for is the standard industry transaction processing fee.
- STERLING NAIRA VISA CARD
Sterling Naira Visa Card is a globally accepted payment card that is directly linked to your Naira denominated current or savings account. It enables you pay for goods and services anywhere in the world at any Visa Acceptance location.
- STERLING VERVE CARD
Sterling Verve card is a debit card linked to current and/or savings account. It enables you pay for goods and services as well as transfer funds to beneficiaries in any Bank within Nigeria. It provides strong security based on its EMV chip & PIN compliant status. This card can only be used in Nigeria.
- INTERNET BANKING
SterlingNet allows you to access your account online real time and also carry out instant transfers to beneficiaries in a lot of Banks in Nigeria.
- STERLING MOBILE
Sterling Mobile is a service that enables you to transfer funds to beneficiaries in a lot of banks in Nigeria (on-line, real time) using your mobile phone.
- STERLING/PAYCOM MOBILE PAYMENT
Our mobile payment solution in partnership with PayCom allows you to make retail payments to your unbanked customers. It is a secure payment solution carried out using a mobile device and it works on any GSM network or mobile device. You are able to get immediate value for transactions carried out on this platform.
- STERLING WEBPAY
Sterling Webpay is a customized web solution designed to meet the business requirements of a given organization. It is a secure payment platform that allows you to effect payment for goods and services using your Debit, Credit and Pre-loaded Cards.
SterlingPay is a web-based corporate multi-channel payment solution that enables a corporate to make payments to staff, contractors, vendors, suppliers and third parties through a secure electronic channel. This is an online internet payment solution that accepts schedules in various formats and credits the ultimate beneficiary in any Bank in the country.