Sterling Bank’s Switch launches free payment service for Nigerians in diaspora

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In a bid to innovate in international banking and allied services for Nigerians in the Diaspora, Sterling Bank Plc, has launched a new solution called Switch.

Sterling Bank’s Divisional Head, Retail and Consumer Banking, Shina Atilola, who disclosed this in a statement issued by the Bank said that Switch and the zero transaction charges offer a clear demonstration of Sterling Bank’s commitment to making cross-border banking accessible to all deserving Nigerians.

According to Atilola, “Switch users will be able to fund their account for free when using their Naira Debit Card while they will enjoy free service charge when they fund their Switch account using foreign bank cards for six months at the first instance”.

The Divisional Head explained that Switch enables the processing of everyday banking and financial services such as bills payment, funds transfer, payment requests, investments, asset financing and insurance services, among others, in their preferred currencies.

He noted that over the years, Nigerians in the diaspora have often had difficulties funding their Nigerian bank accounts using international bank cards due to high charges, and inability to perform seamless online transactions without recourse to the bank or its agents for money exchange, among others.

Atilola said Switch would benefit the customers’ desire for a convenient banking that gives more value, adding that some of the benefits to include; currency swap, access to asset financing diversified investment offerings and protection from mishaps with various insurance packages.

“Switch provides customers with the added value of asset financing, investment and insurance opportunities at better rates” He maintained. The new product which is a mobile app is available on Android and IOS stores.

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Switch, a multi-service platform would enable Nigerians resident abroad to enjoy banking and other allied financial services. According to the statement, Switch application has been approved by the Central Bank of Nigeria (CBN) and funds domiciled in the Bank via the App are insured by the Nigeria Deposit Insurance Corporation (NDIC).

The Divisional Head noted that though Switch is designed for Nigerians in the diaspora, and can be operated from any part of the world, it is however only accessible to users in the United Kingdom (UK), United States (US) and Canada at the moment. The plan is to expand to other countries of the world where Nigerians reside.

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