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Nigeria: Bank introduces free banking services for start-ups

10.03.2017

The initiative is designed to offer free banking services for businesses in the first three years of their registration and incorporation.

Sterling Bank of Nigeria has introduced a new initiative for small start-up businesses tagged "Start Up Proposition". The initiative is designed to offer free banking services for businesses in the first three years of their registration and incorporation.

According to the Chief Marketing Officer of the bank, Henry Bassey, the initiative is aimed at reducing the cost of business operations, especially bank related charges for small businesses in Nigeria.

Bassey also noted that most small business owners currently avoid opening and operating bank accounts for their businesses due to high cost of running such accounts.

With the "Start Up Proposition", small business owners who open the account will be entitled to the following: free SMS and email alerts, free debit card, free Cheque book (1st issuance only), free business advisory helpdesk, free business/accounting software solution (first six months), reduced business registration cost, mobile banking and internet banking services respectively.

Other features of the new proposition according to the bank include: zero opening balance; zero daily account balance; zero penalty charge; zero monthly service charge/account maintenance fee, among others.

Banking services charges have made it impossible for a number of small businesses in Nigeria to run a bank account. This new initiative makes banking services affordable for small businesses, and more small businesses will be able to maintain bank accounts, thereby increasing financial inclusion in Nigeria.