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Sterling Bank Launches Free Money Transfer Service For Nigerians In Diaspora

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Sterling Bank Plc has launched ‘Switch’ – “a free money transfer service” -for Nigerians in diaspora.

Switch, the bank says, will help to promote financial inclusion, international banking and allied services for diaspora Nigerians.

Mr Shina Atilola, Sterling Bank’s Divisional Head, Retail and Consumer Banking, in a statement on Wednesday, said that Switch is a zero per cent transaction charge offer, which further demonstrates the bank’s commitment to making cross-country banking accessible to all Nigerians abroad.

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

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

“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.

“Switch will benefit the customers’ desire for a convenient banking that gives more value, adding that some of the benefits 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 said.

Atilola explained that the new product is a mobile app and is available on Android and IOS stores.

Switch, a multi-service platform, 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).

He 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,” he added.

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Business Edge | Nigeria, UAE Signs MOU, Eskom Faces R5 Million Over Kendal Power Station Pollution

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The Nigerian Government has signed a Memorandum of Understanding with the United Arab Emirates (UAE), which provides a platform for both countries to establish a Joint Commission between the two friendly countries, seeking to enhance cooperation and coordination between both countries in all fields.

Also, Eskom could face fines of up to R5-million under South Africa’s air quality legislation for supplying blatantly false and misleading information about its toxic pollution at the Kendal coal-fired power station to authorities.
On 28 January 2021, the state-owned energy utility will appear in the Emalahleni regional court on four counts of environmental transgressions.

Tolulope Adeleru-Balogun and Mukhtar Mohammed, CEO Asher Dynamic Solutions, discussed these on Business Edge.

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Nigeria’s Federal Government Approves N117 Billion for Road Rehabilitation

The Ministry of Works and Housing presented three memoranda, two relating to roads, and one relating to a banking application.

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The Federal Executive Council (FEC) on Wednesday approved N117.6 billion for the rehabilitation of some major roads across Nigeria.

This was disclosed to journalists by the Minister of Works and Housing, Babatunde Fashola, after the meeting chaired by President Muhammadu Buhari.

The Ministry of Works and Housing presented three memoranda, two relating to roads, and one relating to a banking application.

Read also: Full Text Of Nigeria’s President Buhari Budget Proposal Speech

“The first set of roads is for a total sum of N18,923,846,198.47, and it is with respect to roads and bridges as follows: rehabilitation of 26 km road linking Kano, Jigawa and the Katsina States, N8.767 billion; Omo-Umulokpa road in Anambra and the Enugu States, N1.712 billion; rehabilitation of Oye-Oranta road in Anambra, N2.504 billion; Okpoko bridge along Benue-Cross River road, N1.057 billion; the bridge at km 22.7 along Bida-Zungeru road in Niger State, N1.022 billion; Nkumi bridge linking Abia and Enugu States, N1.0.72 billion, and Challawa-Nunku road in Kombotso, Kano State, N2.787 billion.

“The other memorandum relating to roads is also for the total sum of N98,073,840, 842.81. The roads are Rijiya-Gusau road in Zamfara State, N7.799 billion; Jegga-Kwana-Sanagi-Gumi road in Kebbi State, N31.539 billion; Koko-Mahuta road in Kebbi, N19.713 billion; Kuka Babbangida-Ganagara road in Katsina State, N11.731 billion; Ihiala-Olu-Umudu road, N16.750 billion; Oye-Ama-Etite-Umuawulu road in Anambra, N2.155 billion and Bichi road in Kano State, N8.384 billion,” Fashola said.

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Arik Air Workers Ground Operations

They alleged that several members of staff had been furloughed, adding that pensions were being owed.

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Operations of Arik Air, one of Nigeria’s carriers have been grounded by the National Union of Air Transport Employees over poor working conditions.

The workers on Thursday blocked the entrance of the airline’s headquarters in Lagos, the country’s commercial capital in the South West, carrying placards with different inscriptions.

Some of the inscriptions read, “End Arik brutality”, and “Sign our condition of service and recall all staff.”

They alleged that several members of staff had been furloughed, and that pensions were being owed.

The Lagos state Secretary of NUATE, Ijeh Anthony, said the issue had lingered for long, vowing to continue the strike till all demands are met.

He said, “The contentious issue is the signing of the Conditions of Service which we have been negotiating for the past three years.

Read also: Unions Shut Down Nigeria’s Arik Air Operations Over Anti-Labour Practices

“But the only aspect remaining in the CoS is the issue of the severance package. We have sought interventions from the Ministry of Aviation, the Nigerian Civil Aviation Authority.

“However, in most discussions, Arik Air Management will always renege.”

At the Murtala Muhmmed Airport 2 terminal, several passengers booked for 8 am flights were stranded.

Some of the passengers were distraught after waiting for several hours.

Officials from the airline were seen trying to manage the situation.

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