The call for zero transaction charges by commercial banks in Nigeria has grown louder, following Sterling Bank’s recent announcement to eliminate fees on mobile and online transfers.

This move, unveiled on April 1, has reignited discussions about financial inclusion and customer-centric banking practices while raising questions about the sustainability of such measures in a revenue-driven industry.

Sterling Bank’s policy eliminates charges for online transfers conducted through its mobile app, as well as fees for ATM card issuance.

Despite initial skepticism due to the announcement coinciding with April Fools’ Day, many customers have since confirmed that they were not debited for mobile transfer charges. The policy has been described by stakeholders as a potentially game-changing development in Nigeria’s financial ecosystem.

The current landscape of banking charges  

Nigerian banks currently levy a variety of charges for transactions, which include N10 for transfers below N5,000, N25 for transfers between N5,001 and N50,000, and N50 for transfers above N50,000. There is also an additional 7.5% VAT on transaction fees.

These fees have generated significant revenue for banks. For example, in 2024, Zenith Bank earned N80.05 billion from electronic transaction charges, a 54.51% increase compared to the N51.8 billion recorded in 2023.

Similarly, United Bank for Africa (UBA) generated N284.7 billion from electronic business transactions in 2024, representing an 85.9% growth in its e-transaction revenue when compared with the N157.1 billion recorded by the bank in 2023.

GTCO Plc also recorded N56 billion in electronic-related fees, alongside substantial earnings from account maintenance charges and forex commissions.

While these revenues are crucial to banks’ operations, they often impose a heavy financial burden on customers, many of whom frown upon the charges.

Sterling Bank’s zero-charge policy has sparked a renewed push for more customer-friendly banking practices.

Customer Perspectives: Zero Charges vs. Service Quality

The debate over zero charges versus service quality has revealed differing customer priorities.

A customer from Benin City, Kiki, prefers zero charges despite experiencing poor customer service.

“Many people will stand in the queue for a long time waiting to be attended to, but you will see bank staff eating, walking about, or even gossiping among themselves. Their customer service is so poor that it can force a loyal customer to close their account,” she told Nairametrics.   

“However, that small amount, when deducted, reduces the round figure in your balance. I’d rather have zero charges than better service.”  

Conversely, another customer, Anthony, values efficiency and convenience over cost savings.

“I prefer paying charges for faster service. This is why many of us use PoS agents instead of waiting in banks with poor service.”  

However, zero charges could potentially attract more customers to banks, especially if combined with improved service delivery.

While infrastructure upgrades in 2024 disrupted services across major banks like Sterling Bank, Zenith Bank, and GTCO, such measures indicate the need for banks to balance modernization with seamless service delivery.

How sustainable is this?

Sterling Bank’s zero-charge policy has also drawn criticism, with some questioning its sustainability.

A senior management staff at a major bank suggested that Sterling’s announcement might be a marketing strategy aimed at gaining attention.

“I know they always have these advertising angles or promotional angles that create some sort of curiosity. I know them to be looking for relevance in this kind of stuff; they are notorious for things like that.”  

He referenced past controversial campaigns by the bank, such as its 2022 Easter message comparing the resurrection of Jesus Christ to rising Agege bread, which faced backlash for insensitivity.

In its Easter celebration messages in April 2022, the bank shared a post with the quote, “Like Agege Bread, He Rose” across its social media handles, but the message attracted widespread criticism from many Christians, including the Christian Association of Nigeria (CAN).  

“They’re trying to be creative but are not even sensitive to the culture and the religion of their customers. I didn’t even take them seriously,” he said in a chat with Nairametrics.  

On the other hand, CEO of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, views the zero-transfer-charge policy as a step toward promoting business sustainability.

Speaking with Nairametrics, he emphasized the importance of “compassionate capitalism,” urging businesses to support vulnerable segments of society, particularly in a challenging economic environment.

“If a business operates in an environment where citizens are groaning in poverty, it should learn to give away part of its profits, even if it could maximize them. This is what makes up business sustainability,” Yusuf stated.   

He expressed hope that other banks will take a cue from Sterling Bank.

What you should know  

Under its 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.
• The move was met with widespread reaction across social media, placing pressure on industry peers to follow suit.
• As the financial sector grapples with balancing profitability and customer satisfaction, Sterling Bank’s initiative could set a precedent for more customer-focused banking practices.
• While the policy has sparked both praise and skepticism, its long-term impact will depend on whether other banks follow suit and how customers respond to this shift in the banking landscape.

[Nairametrics]

Nigerian award-winning singer, Oluwatobiloba Daniel Anidugbe, better known as Kizz Daniel, has claimed that with money comes problems.

Naija news reports that the ‘Woju’ crooner made this known in a post via X, stating that wealth does not automatically guarantee happiness.

He said many wealthy people experience sadness despite affluence and warned that financial wealth comes with hidden burdens.

The singer also cautioned against idolising money and the illusion of happiness on social media, which often masks loneliness, anxiety, or dissatisfaction.

Kizz Daniel said he still lives like a poor man every day, stating that money chases him instead of him chasing money.

He added that wealthy people do not tell others the truth about money because they want to feel superior.

He wrote, “Why when money cme, happiness dey always comot ? Forget all these fake love and fake happiness online ? the real happiness I’m talking about. So many people get money but they are sad.

“I still live like a poor man everyday ? na money dey chase me instead. Guys I’m not saying don’t chase money , I’m just saying with money comes problems. People wey get am no go tell una the truth cuz they want to feel superior.”

[NaijaNews]

A female driver of a Toyota Salon car sustained varying degrees of injuries after her vehicle fell off the Otedola Bridge outward the Lagos-Ibadan expressway in Lagos State on Monday morning.

It was gathered that the car with the registration number IKJ 126 BH had lost control while hitting another car in the process before it fell off the bridge and landed not far off a ditch under the bridge.

According to viral videos on social media, as at 9:02am emergency responders and security personnel were at the scene, working to determine the driver’s identity and the circumstances leading to the accident.

The Lagos State Traffic Management Authority (LASTMA) confirmed the incident in a statement posted on its X (formerly Twitter) handle, noting that emergency responders were on the ground to manage the situation and ensure the free flow of traffic in the area.

The agency noted that the driver had been rescued and taken to the nearby hospital.

According to the statement, “Report of an accident of a car that fell from Otedola Bridge. The driver has been rescued and taken to the nearby hospital.

“There is backlog from Otedola Bridge to Berger inward Secretariat, but our officers are on scene managing the situation effectively.”

“Other officers are also on ground doing the needful,” LASTMA added.

Governor Ahmadu Fintiri of Adamawa State has appointed the Emir of Fufore, Muhammadu Ribadu, as the Amirul-Hajj and leader of the government delegation for the 2025 Hajj trip to Saudi Arabia.

A press statement to this effect said the appointment is based on Ribadu’s hard work, experience, and commitment to religious matters.

The statement, signed by the Chief Press Secretary to Fintiri, Mr Humwashi Wonosikou, named five other members of the delegation.

The members include Muhammad Buba Jidjiwa, Ahmed Shehu, Alhaji Ibrahim Abba, and Alhaji Abubakar Murtala

The secretary of the delegation is Alhaji Mohammed Dabo.

“Governor Fintiri charged the committee to be dedicated to their assignment, ensuring a hitch-free 2025 Hajj operation,” Mr Wonosikou stated.

[DailyPost]

The Kingdom of Saudi Arabia has temporarily suspended several types of visas for citizens of Nigeria and 13 other countries, as part of measures to curb unauthorized pilgrimages ahead of the annual Hajj.

According to Saudi authorities, the suspension aims to prevent unregistered individuals from attempting the pilgrimage without official permits, which poses safety and logistical challenges.

While Umrah visa holders will still be allowed entry until April 13, the broader visa suspension is expected to remain in place until mid-June, when Hajj concludes.

Under Saudi Arabia’s quota system, each country is allocated a limited number of Hajj permits, typically distributed via a lottery. 

However, due to the high cost of official packages, many resort to unauthorized travel arrangements.

Such unregistered pilgrims often lack access to essential amenities such as air-conditioned tents, healthcare services, and emergency medical care—making the physically demanding journey even riskier.

The Saudi Foreign Ministry stated that the visa restrictions are intended to streamline travel procedures and enhance safety during the Hajj.

It also warned that individuals found residing illegally in the Kingdom could face a five-year entry ban.

During the 2024 Hajj season, at least 1,301 pilgrims died – most from heat-related causes. The majority of the deceased did not hold official Hajj permits.

Here’s the list of the 14 countries affected by Saudi Arabia’s temporary visa suspension ahead of the 2025 Hajj:

1. Nigeria

2. India

3. Pakistan

4. Bangladesh

5. Egypt

6. Indonesia

7. Iraq

8. Jordan

9. Algeria

10. Sudan

11. Ethiopia

12. Tunisia

13. Yemen

14. Morocco

[TheNation]

President of Burkina Faso, Captain Ibrahim Traoré, said the country is undergoing a “popular, progressive revolution” and not operating under a democratic system.

He added that it is difficult to pinpoint a country that has developed practising democratic rule.

Traore made the disclosure during a flag-raising ceremony at the Koulouba Palace last week.

He said, “If we have to say it loud and clear here, we are not in a democracy, we are in a popular, progressive revolution. 

He criticised the notion that democracy is a prerequisite for development, saying it is “false” to believe any country has developed under a democratic system.

“It is impossible to name a country that has developed in democracy. Democracy is only the result,” Burkina24 quoted him.

He maintained that his government would continue to communicate, explain, and make people understand what revolution is.

Traore has been notable for his decisions after his emergence as the President of the West African country.

The 37-year-old President who assumed office in September 2022 through a coup de’tat that ousted interim President Paul-Henri Damiba recently rejected Saudi Arabia’s offer to build 200 mosques in his country.

He urged the Islamic country to rather invest in essential infrastructure projects that would directly benefit his people.

[Punch]

Mikel Arteta has no doubt that Arsenal can upset Real Madrid on the “biggest night” of his career in the Champions League quarter-finals.

The Gunners have never been crowned European champions and face the 15-time winners in a quarter-final at the Emirates on Tuesday with the return leg in Madrid next week.

The two sides have met only twice in European competition, in the last 16 of the 2005/06 Champions League where Arsenal came out on top.

“It is 100 percent the biggest night of my career,” Arteta, in charge at the Emirates since 2019, told reporters on Monday.

“That’s why I came into football, and that’s why I came into management and especially to this football club.”

The Spaniard, who also captained Arsenal, added: “It’s been 20 years since we had this type of game and for us, it’s a great opportunity to build our own story and this is what we’re here for.

“The excitement around the club, the people, and the magnitude of this match. This is the stage we want to be at, and where Arsenal has to be consistently. We are very proud to be there, and now be very ready tomorrow to deliver.

“At 8:00 pm (1900 GMT) tomorrow night, 11 players, 60,000 fans, I am really super-convinced that we are ready to win and to beat them. That’s the mindset that I want.”

The Champions League represents Arsenal’s best chance of a trophy this season, with the Gunners 11 points adrift of leaders Liverpool in the Premier League.

Arsenal were beaten at the same stage of the Champions League last season by Bayern Munich.

But Arteta, expected to start Bukayo Saka for the first time in more than three months on Tuesday, said it was time to write a new script.

“There is a massive gap there for so many years when nothing has happened in this football club in relation to European competitions,” he said.

“And we need to change that, and we need to change that quickly. It is just the first leg, but the intention of the team and what we want to achieve tomorrow is very clear. We’re going to go for it.”

Jurrien Timber and Ben White, who played an hour in Arsenal’s 1-1 draw at Everton on Saturday, are both set to be available, with Jakub Kiwior a possibility to line up alongside William Saliba in the absence of the injured Gabriel.

AFP

The largest banks in Africa excel in cross-border operations and lead the way in adopting and adapting to new technologies. Their strong financial foundations and extensive global networks ensure they remain key players in Africa’s Top 100 Banks 2024.

South Africa’s Standard Bank Group has consistently retained its position as Africa’s top bank, with the National Bank of Egypt holding firmly to second place for the fourth consecutive year. Standard Bank also leads in profitability, reporting a net profit of $2.7 billion—an 18% increase from the previous year.

Morocco’s Attijariwafa Bank has made significant gains, rising three places to third position after boosting its Tier 1 capital by 12% to reach $6 billion.

In contrast, many of Africa’s other leading banks have seen declines in their core capital compared to the 2023 rankings. The sharp depreciation of Nigeria’s naira against the US dollar has had a notable impact, as banks report financials in local currency.

Nigeria’s top-ranked bank by Tier 1 capital is FBN Holdings (First Bank of Nigeria), currently in 15th place with $1.9 billion, down one position from last year. It’s followed closely by Access Bank in 16th and Zenith Bank in 17th, the latter having dropped from 12th place, where it had been the highest-ranked Nigerian bank.

The top banks in Africa include Standard Bank Group (South Africa, tier 1 capital of $12.5 billion), National Bank of Egypt (Egypt, tier 1 capital of $7.5 billion), Attijariwafa Bank (Morocco, tier 1 capital of $6 billion), Absa Bank (South Africa, tier 1 capital of $5 billion) and Banque Centrale Populaire (Morocco, tier 1 capital of $5 billion).

Others are Banque Misr (Egypt, tier 1 capital of $5 billion), FirstRand (South Africa, tier 1 capital of $5 billion), Nedbank (South Africa, tier 1 capital of $5 billion), Banque Extérieure d’Algérie (Algeria, tier 1 capital of $3 billion) and Bank of Africa – BMCE Group (Morocco, tier 1 capital of $3 billion).

[Vanguard]

 The Joint Admissions and Matriculation Board (JAMB), on Monday, announced that it has uncovered at least 585 A/Level forged certificates in 2025 alone.

This startling revelation was made by the Registrar, Prof. Is-haq Oloyede, during a virtual meeting with staff of the Board held on 2nd April 2025 in preparation for the 2025 Mock-UTME and UTME.
Prof Oloyede condemned the worrisome prevalence of fake A/L certificates, stating that it was to curb the menace that the Nigeria Integrated Post-Secondary Education Data System (NIPED) was established.

NIPED is a platform for managing and collecting data related to post-secondary education in Nigeria.

According to the Jambulletin, the Registrar noted that more worrisome and heart-rending was the upload of 13 out of these forged JMB certificates by the Professional Registration
Centres (PRCs) which are being
investigated.
He stated that out of the 13 cases being investigated by the police, four culprits have been apprehended and are currently assisting the police and relevant authorities towards apprehending the ringleaders of these examination cartels.

He, however, added that the investigation  revealed that there were internal collaborators in the institutions aiding cases and abetting this gross misconduct.

The Registrar also disclosed that there were reports from some CBT Centres on extortion of candidates for services expected to be free, adding that this mind-boggling revelation were not too good for the system.

He, therefore, enjoined staff to be
committed to their duties and shunned those acts that could undermine the integrity of the Board.

[Daily Independent]