Nigerian banking giant, Sterling Bank, recently launched a fintech branch for multi-currency savings and cross-border payments.
The newly launched fintech, Switch helps users gain easy access to multi currency savings, cheaper transfers and the best lending, investment and insurance products in Nigeria.
Sterling Bank bills the Switch mobile app, which lets users request payments, lend money, save in various currencies, invest in financial assets, pay bills and transfer funds within and across borders, as "Your One-Stop Shop For Financial Services."
For Nigerians in diaspora and people needing to send money to Nigeria, the fintech provides zero-fee cross-border transfers to Nigerian bank accounts for the first 6 months after they sign up on Switch. However, subsequent transactions will be charged, albeit at a low rate of N25 or less. Furthermore, users can operate two different bank accounts on Switch: A local bank account or a domiciliary account.
Switch in 3 steps
You can get started on Switch in these three simple steps:
- Sign Up
- Fund wallet
- Enjoy access to a multi-currency savings account, free transfers to other Switch users, and 25 Naira or less (without any hidden fess) when you transfer to other banks.
All funds saved on Switch are held in Sterling Bank and insured by the NDIC.