E-Financial
Sterling Bank Introduces Free Bus Rides for Nigerians
After sparking a national movement with its Zero Transfer Fees campaign, Sterling Bank has once again pushed the boundaries of what corporate citizenship can mean to everyday Nigerians.
Last week, regular Lagosians stepping out after long workdays were met with an unexpected gift: Sterling OneBank-branded buses waiting to take them home, free of charge.
Starting as a push against bank transfer fees, the initiative has now taken to the streets, as the bank began offering free bus rides to customers across major Lagos corridors, a gesture that will continue through May 2025 to ease the return of workers after the May Day holidays.
For a city where a single bus fare can be the difference between feeding a family or not, Sterling’s free ride initiative struck a deep chord.
What began with free transfers through its OneBank platform has now evolved into a movement on wheels, connecting digital convenience with real-world survival.
In a time of skyrocketing costs, the bank is reaffirming a simple belief: financial freedom should not end at the removal of bank charges, it should move you, carry you, and lift you.
Across Lagos, from Obalende to Ikorodu and TBS to Oshodi, the sight of Sterling buses pulling up to offer free rides sparked moments of disbelief, gratitude, and quiet celebration.
For thousands of commuters, it was a tangible reminder that sometimes, the biggest changes come not from slogans, but from small, deliberate acts of care.
“For customers who have to choose between transport fare and groceries, this is more than a ride, it’s hope, said Chidimma Okoli, Masterbrand Marketing Lead at Sterling.
“When we said we were tearing down the barriers to moving your money, we meant it. But we also meant the barriers to moving yourself, to moving your dreams, to moving your life forward.
This isn’t just about banking apps. It’s about freedom, in every sense of the word.”Mary E., a market trader from Oshodi, stepped off a Sterling bus last Friday and captured the mood perfectly.
“This is the first time a bank is not just advertising but acting, she said, beaming.
“I have saved on transfers all month because of OneBank. And today, I saved on my transport. Sterling ehn, dem sharp. Dem dey move.”
Across town, a young professional shared his own experience on LinkedIn: “Every naira matters o. I already saved money on bank transfers using OneBank. Today, Sterling saved me time, money, and stress after a brutal day at work. They just get it.
Another rider, Amaka I., a single mother and hairdresser from Ajah, described the free ride as “a blessing nobody told me was coming.” She added, “We Lagos people work so hard just to move. Today, I didn’t have to count Naira for my bus fare. That is dignity. That is respect.”
Chidimma Okoli emphasized that this initiative was never about fanfare, but about putting philosophy into action. “Financial systems have for too long extracted from Nigerians,” she said.
“At Sterling, we are making a different choice. We are giving back, not just in naira and kobo, but in opportunities, in relief and in real dignity.”
This initiative builds on Sterling’s history of standing with Nigerians during critical moments.
During the pandemic, Sterling was one of the first banks to support remote work transitions and provide digital lifelines to struggling SMEs. Through programs like AltSchool Africa and entrepreneur bootcamps, Sterling has opened new doors to skills development and affordable financing.
After fuel subsidies were removed, the bank financed transport cooperatives to keep mobility alive for thousands who would otherwise have been stranded.
But according to Okoli, what matters now is not history, it’s momentum. “We’re not trying to relive past glories,” she said. “We’re building new victories, alongside the people who trust us every day with their journeys.”
Beneath the buses and smiling faces lies a deeper story of infrastructure strength. Sterling’s robust digital banking backbone, capable of handling over 180 million transactions and scaling rapidly, allows it to absorb costs that many banks would have pushed onto customers. It is this invisible engine that has further helped make visible change possible.
As the month of May approaches, the momentum will continue. Workers returning from the holidays can expect to find the free rides still running across locations, a daily reminder that real banking doesn’t just live in apps but also on the streets, in the choices that make hard lives a little easier.
Sterling is encouraging all riders to share their experiences online, turning thousands of quiet journeys into a loud statement that Nigeria deserves a financial system that carries its people forward, not holds them back. Because true banking is not about hoarding profit; it is about moving lives and moving freely.
Central Bank of Nigeria (CBN) has directed banks and other financial institutions to complete a newly deployed cybersecurity self-assessment tool (CSAT) as part of efforts to strengthen resilience across the financial system.
In a circular dated March 30, the apex bank said the tool was introduced in line with its mandate under the Banks and Other Financial Institutions Act 2020 and is designed to assess the cybersecurity posture of regulated entities.
According to the circular signed by Olubunmi Ayodele-Oni for the director of the compliance department, deposit money banks are required to submit their completed assessments within three weeks, while other institutions have five weeks.
The directive, which takes immediate effect, applies to deposit money banks, payment service banks, microfinance banks, payment service providers, finance companies, and development finance institutions.
“The CSAT is a structured supervisory instrument designed to obtain comprehensive information on the cybersecurity posture of regulated institutions,” the circular reads.
“It covers key areas including cybersecurity governance, risk management practices, technology and third-party risk controls, incident response capabilities, and overall operational resilience.
“Insights derived from the CSAT will support risk-based supervision and enhance regulatory oversight of cybersecurity risks across the financial system.
“Accordingly, all the referenced institutions are required to complete and submit the CSAT through a dedicated submission portal.”
The regulator added that access to the submission portal and guidance would be provided to chief information security officers and other relevant officials of the affected institutions.
CBN said all submissions must reflect data as of December 31, 2025, and be accompanied by relevant supporting documentation where applicable.
The apex bank warned that “submission of false, misleading, or inaccurate information constitutes a regulatory breach,” and would attract sanctions in line with BOFIA 2020.
CBN also said validation exercises, including off-site reviews and supervisory engagements, would be conducted to verify the accuracy of submissions.
NGX Regulation Limited (NGX REGCO), a wholly owned subsidiary of Nigerian Exchange Group (NGX Group) has sanctioned five trading license holders for alleged market manipulation and other prohibited trading activities, imposing fines totaling N291million.
In a notification dated March 27, 2026, and addressed to Emomotimi Agama, director-general of the Securities and Exchange Commission (SEC), the regulator said the decision followed deliberations of its Regulatory and New Business Committee (RNBC) held on March 16 and 24, 2026.
The sanctioned firms are CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited, and Associated Asset Managers Limited.
NGX RegCo stated that the cases were escalated by its Investigation Panel after hearings on February 25 and March 17, 2026, which uncovered repeated infractions such as wash trades, self-matching transactions, artificial price formation, and misleading market activity.
CSL Stockbrokers was fined N91.29 million, while Cowry Securities, Meristem Stockbrokers, SMADAC Securities, and Associated Asset Managers were each penalized N50 million in accordance with the Investment and Securities Act 2025.
The Exchange also directed the affected firms to undertake mandatory compliance and market conduct training to reinforce regulatory adherence and enhance market discipline.
It noted that the sanctions are proportionate to the violations and are intended to deter future misconduct, reaffirming its commitment to safeguarding market integrity, protecting investors, and strengthening confidence in Nigeria’s capital market.
Federal government has launched the “Cross-Border Digital Payments and Identity in Nigeria under the AfCFTA” report, urging stakeholders to unlock trade opportunities for Micro, Small and Medium Enterprises (MSMEs) to access the $3.5 trillion African Continental Free Trade Area (AfCFTA) market.
The high-level report, hosted by the Office of the Vice President in collaboration with ODI Global under the Supporting Investment and Trade in Africa (SITA) programme, was unveiled by Ibrahim Hassan-Hadejia, deputy chief of staff to the President, in Abuja.
Hassan-Hadejia described the research as both timely and strategic, noting the strong coordination by the Office of the Vice President and the leadership of the Federal Ministry of Industry, Trade and Investment.
He revealed that the cross-border payments report followed earlier milestones, including the development and launch of Nigeria’s Digital Trade Strategy and a capacity-building programme for subnational leaders.
Furthermore, he said Nigeria is increasingly assuming a leading role in shaping the digital trade agenda across the African continent, necessitating that the country remains at the forefront of AfCFTA implementation.
He noted that deepening engagement with AfCFTA and enabling businesses, particularly SMEs, to conduct seamless cross-border transactions will be critical to unlocking trade, fostering growth, and creating jobs.
He further stated that efficient cross-border payments, supported by trusted digital identity systems as recommended in the report, will be key to realising President Bola Ahmed Tinubu’s Renewed Hope vision for Nigerian MSMEs.
The Deputy Chief of Staff also observed that while the report identifies the Pan-African Payment and Settlement System as a critical platform for cross-border digital payments, Nigerian fintech firms such as PalmPay and Moniepoint, which have some of the largest and most active user bases, will play a pivotal role in driving adoption.
He assured that the Federal Government remains committed to strengthening critical infrastructure, regulatory frameworks, and partnerships to ensure Nigeria is not only ready for digital trade but continues to lead.
“I appreciate the efforts of all stakeholders and urge us to move AfCFTA beyond a continental agreement to a $3.5 trillion trade juggernaut that will reinvigorate our industries, unlock intra-African trade, and domesticate African prosperity,” he added.
He said “intra-African trade will be driven not only by large corporations but by small businesses empowered through digital trade and e-commerce, while noting that issues of trust, identity, and logistics, as highlighted in the report, must be addressed”.
Commenting on the report, Temitola Adekunle-Johnson, special Adviser to the President on Job Creation and MSMEs, said the report – developed under the purview of the Office of the Vice President-would significantly strengthen the MSME ecosystem.
He expressed optimism that the report’s findings and recommendations would enable Nigerian SMEs to achieve seamless access to continental markets.
Salihu Dasuki, special Assistant to the President on ICT Policy, Office of the Vice President, disclosed that the office, in partnership with development partners, has developed a framework to fast-track seamless cross-border payments for MSMEs.
He added that “a key pillar of President Tinubu’s Renewed Hope Agenda is enabling Nigerians to access digital trade, which informed the capacity-building programme conducted for subnational governments last year”.
Shuda Ahmed, special assistant to the President on Project Support, Office of the Vice President, commended ODI Global for leading the research underpinning the report.
She noted that without seamless and affordable cross-border payment systems, MSMEs across the continent would be unable to scale beyond their domestic markets.
The event was attended by officials of ODI Global, representatives of AfCFTA, the National Information Technology Development Agency (NITDA), National Identity Management Commission (NIMC), Nigerian Petroleum Development Company (NPDC), Federal Competition and Consumer Protection Commission (FCCPC), and MSMEs, among other key stakeholders.
How Recycled SIM Card Linked to N50m Kidnapping Nearly Landed me in Jail – Businesswoman
Senate Gives Tinubu Nod to Borrow Fresh $6Bn
FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029
CBN Directs Banks, Fintechs to Complete Cybersecurity Audit Tool
FG Launches CLHEEAN to Streamline Access to Government Services
Spotify’s Loud & Clear Report Reveals Over ₦60Bn Revenue for Nigerian Artists in 2025
Madonna University Taps Tech Guru Adote for Strategic Board Role
China Threatens to Shut Nigeria’s Satellite Over $11.44m Unpaid Debt
Jumia Tech Week 2026 Begins with Tech Deals on Smartphones, Electronics, and Everyday Technology
FCCPC Bans Lagos ‘No Refund’ Policy, Vows Fines and Shutdowns for Traders
E-Financial3 days agoCBN bars large‑ticket loan defaulters from banking services in tough new crackdown
General News3 days agoARN Rejects Medical Bill over Attempt to ‘Scrap’ Profession
Telecom3 days agoNIGCOMSAT Supports Startups Growth with the Launch of Accelerator 3.0
News3 days agoMeningitis Kills a Quarter Million People a Year -Study
Telecom3 days agoFG Unveils Digital Economy Research Fund Scheme
News3 days agoStakeholder says AI is Crucial to Nigerian Data Centres Amid Persistent Grid Collapse
E-Financial2 days agoNGX REGCO Fines 5 Firms N291m for Market Manipulation
News2 days agoDangote Refinery Debunks Speculations on IPO