Stanbic IBTC Bank Offers Relief Initiatives

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Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has introduced customer relief initiatives aimed at reducing the unease felt by its customers as a result of the Covid-19 global pandemic. The movements of individuals had to be curtailed to discourage physical contact between people as a way of containing the spread of the virus.

Stanbic IBTC Bank Plc has also announced the closure of some of its branches, to safeguard the lives of its customers and employees. The bank has also encouraged its customers to make use of its digital banking platforms for transactions during this period, the bank said in a statement.

The statement further said management of the bank has introduced further relief measures for its customers beginning from April 1, 2020, which include: full waiver of merchant settlement charge (MSC) for two weeks for all merchants who accept payments using Stanbic IBTC Bank Point of Sale (POS) terminal; full waiver of current account maintenance (CAM) fees and interbank transfer charges for one month for customer who reactivate their dormant or inactive accounts; waiver of transfer charges on the first five Interbank transfers they effect within the month of April 2020 for other customers with active accounts.

Speaking on the customer relief initiative, the Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, said the measure was aimed at ameliorating the pains of the customers while also preventing the spread of COVID-19.

He added: “As a responsible financial institution, we are not unaware of the effect of COVID-19, especially on our staff and customers. The decision by the bank to set aside the Merchant Settlement Charge for two weeks for those who use Stanbic IBTC POS terminals, and to waive current account maintenance fees and free interbank transfers for inactive/ dormant account holders and zero interbank transfer charges for the first five transactions for all other customers within the month of April; is our way of easing the pains and discomfort they are going through during this period.”