Sterling Bank has introduced a start-up proposition account for small businesses.
The new proposition offers free banking for businesses in the first three years of their registration and incorporation.
The bank in a statement signed by its Chief Marketing Officer, Henry Bassey noted that most small business owners avoid opening and operating bank accounts for their businesses due to high cost of running such accounts.
The benefits 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.
The proposition is valid for 36 months (three years) only and automatic migration to appropriate account type will be done at the end of the 36th month of running the account.
“Small Business” owners who open this account will be entitled to free Transactional (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 etc.
The bank said the introduction of the proposition would reduce cost of business operations, especially for bank related charges; affords small business owners to build financial history from the early stage of their businesses and enhance financial inclusion among other numerous benefits.
Also, Sterling Bank explained that the proposition would boost the financial inclusion drive of the Central Bank of Nigeria (CBN) and further develop the banking sector in responding to its environment as well as the needs of customers.
The Bank speaks further on the impact of its yearly Academy/Workshop for MSME operators: “The feedback from the participants show that the impact has been significantly positive in terms of proper record keeping, book keeping, setting out clear and concise strategies for their businesses, the need to have an integrated communication and marketing plan, customer centricity, the need to treat employees as important assets of the business, the importance of putting structures around their businesses etc.
This presents opportunities for growth for the small businesses.
“The academy will be holding in five locations this year and we will continue to expose our MSMEs to those skills and strategies that will position their businesses for growth and global relevance. We will continue to address the challenges of inadequate capacity, access to finance, access to resources and regulatory impediments where possible. As a bank, we have put in place these conscious strategies to help business owners build their capacity and equip them with skills required to run a successful and sustainable business,” Bassey noted.
In response to the feedback from the market place, the bank assured that it would continue to develop innovative loan products easily accessible to business owners with competitive terms and conditions.