The good times are here for operators of small businesses. Courtesy of Sterling Bank, they now have free banking services for the first three years of registering and incorporating their businesses. The scheme, known as Start Up, is part of the bank’s enriching lives proposition and to encourage the growth of small businesses.
The account offers beneficiaries zero opening balance; zero daily account balance; zero penalty charge; zero monthly service charge/ account maintenance fee etc. 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.
Henry Bassey, chief marketing officer of Sterling Bank, observed that most small business owners currently avoid opening and operating bank accounts for their businesses due to high cost of running such accounts. “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 6 months); reduced business registration cost, mobile banking and Internet banking services etc.
The Bank said 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.
In addition, the proposition it is expected that the scheme 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,” noted Bassey.
Continuing, he said, “The academy will be holding in 5 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.”
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.