Standard Chartered Bank has partnered with the Lagos State National Youth Service Corp (NYSC) to provide easy banking services to the 2020 batch A stream one corps members.
Speaking to the Orientation Broadcasting Service, one of the marketers, Theresa Balogun said the bank launched its mobile application to enable corps members get easy banking access, while opening an account at their convenience, as well as other benefits.
She said once the account has been opened the corps members would not be charged for any transaction made, despite the provision for the banking sector in the 2020 Finance Act.
Listing other benefits, Balogun said the corps members would “not experience delay in opening accounts, as it would be done in five minutes, free interbank local transfers, zero charge on SMS alerts, free visa gold debt card, access to various investment products, free card delivery to any address, free and unlimited withdrawals in all bank ATMs in Nigeria among others.”
Recall that the 2020 Finance Act, Which was sighed into Law by President Muhammadu Buhari in December increased the Value Added Tax (VAT) from 5 percent to 7.5 percent for all transactions, as part of avenue to improve the nation’s revenue.
This means that Nigerians would have to pay additional charges for all the transactions made in the various sectors, but Theresa said the corps members are exempted from paying any of the charges.
This, she said, is to encourage the youths to imbibe the culture of saving, while they get their monthly allowances from the government during their one year of service.
“This is a good way to introduce the bank to Corps members. They don’t need identification card for the account opening, no paperwork and they will have free card and no delivery charges” she added.
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