Leadership (Abuja)

Nigeria: Sterling Bank Gets CBN's Licence for Non-Interest Banking

The Central Bank of Nigeria (CBN) has granted Sterling Bank an operating licence to commence non-interest banking (NIB) services in the country.

The Bank had in the last two years invested in human and material resources to justify its clamour for this specialised banking service.

With this development, Sterling Bank, according to its Group Head, Non-Interest Banking, Dr Basheer Oshodi, has emerged the pioneer national commercial Bank to fully explore the non-Interest banking space as an effective means towards achieving wholesome financial inclusion in the country.

Oshodi explained that the Bank has developed a bouquet of specialised banking products to meet a wide range of customer needs and expectations.

The range includes various transactional accounts, savings and investment account options involving profit sharing, partnership contracts, trading contracts and lease contracts.

Furthermore, the Bank has assembled a crop of seasoned professionals to drive the process of ensuring that Sterling Bank maintains its pride of place in this specialised area of banking services.

"Given our understanding of the need to address a huge market of adult Nigerians presently excluded from access to formal banking services and support, Sterling Bank started looking at this specialised market about two years ago and embarked on an in-depth research to stay ahead of competition in servicing customers in a manner that positively exceed their expectations with resultant delight.

It is our belief at Sterling Bank that non-interest banking can seriously contribute to wealth creation in the country; while in the same breath reducing poverty and unemployment", he stated.

He added that the bank would acquire and deploy a different information technology (IT) base and segregate the Non-Interest Banking customers' accounts from those of regular banking customers', a requisite condition for proper non-interest banking service which the Bank is poised to render to customers with its operational base.

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