Economy
Sterling Bank Unveils Free Banking Services for NGOs
Sterling Bank Plc has unveiled Sterling CARES, a free banking service for non-governmental organisations (NGOs), to empower non-profit organisations across the country.
This was disclosed in a statement by the Chief Executive Officer of Sterling One Foundation, Mrs Olapeju Ibekwe, made available to the News Menon Friday in Lagos.
Ibekwe said the unveiling was in partnership between Sterling One Foundation and the Nigeria Network of NGOs (NNNGO), to mark World International Day of Charity.
According to her, the new product will allow NGOs to operate their corporate accounts without transaction charges, except for SMS notification charges.
She said that the International Day of Charity provides an excellent opportunity to publicly support the social impact and philanthropic activities of charitable institutions via fee-free solution.
Ibekwe said: “Sterling CARES is open only to NGOs, legal entities operating for a social benefit.
” It is introduced to help them keep costs down at this challenging time when their work and support is needed now more than ever by people with a low socio-economic background.
“The product is exclusive to non-profit organisations who are the primary foot soldiers working to attain the United Nations Sustainable Development Goals (SDG) for all.
“It is not open to religiously shaped institutions, cooperative societies, schools, and associations.
“We recognise that non-profits like us help lots of people who are struggling to make ends meet through donations and various interventions. However, funding is one of the leading challenges currently facing the NGOs,” she said.
Ibekwe, therefore, urged NGOs in the country to take advantage of the novel Sterling CARES account to keep costs low.
According to her, alternative sources of income, charitable contributions, and funding for thei, no thanks to the COVID-19 pandemic.
The Divisional Head, Retail and Consumer Banking, Mr Shina Atilola stressed that Sterling Bank had always prioritised enabling social impact in its business operations.
Atilola added that the solution was bespoke to bridge the funding gap for non-profits while helping to deliver a customer-centric solution to this unique customer base.
“They can now bring their banking cost down and do more with the savings from account maintenance fees and transactions related charges.
“Additional benefits include access to a full bouquet of online banking services and a donation link on the website of nonprofits for receiving local and international transfers,” he added.
The Executive Director, Nigeria Network of NGOs, Mr Oyebisi Oluseyi said the non-profit membership body was delighted to receive the news of the introduction of Sterling CARES and its benefits.
“This novel product is a declaration of support by the Bank and Foundation for those committed to social impact work and the attainment of the SDG in Nigeria.
“This will go a long way in further increasing both the social and economic impact of Nigerian nonprofits while contributing to the good work non-profit organisations do across the country in the areas of environment, human rights among others”, he stated.(NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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