We/I confirm and agree that all our business transactions between me/us (“the Customer”, “I”, or “me”, or “us” or “we”) and Sterling bank Plc (“the Bank”) shall be governed by the conditions specified below and/or the terms of any specific agreement between me/us and the bank or where not regulated by either the conditions or such agreement, by customary banking practices in Nigeria:

1.         The Bank hereby appoints the individual as its Agent for the provision of banking services and the Agent hereby accepts the Bank’s appointment for the provision of the aforesaid services in accordance with the terms and conditions of this Agreement.

2.         The scope of services includes, hosting the Agent banking solution for the Bank on Agent’s premises, operation and support of banking & financial services in consideration of agreed fee payable by the Bank.

3.         The Agent banking solution to be provided shall support financial products and services such as account opening, cash deposits/savings, cash withdrawals, fund transfer, and such other products as may be provided by the Bank in due course.

4.         The Agent shall render the following banking and financial services on behalf of the Bank to its customers, in true spirit, duly complying with relevant Central Bank of Nigeria (CBN) guidelines:

         Account Opening

         Deposits

         Withdrawals

         Airtime Top-up

         Bill Payments

         Funds Transfer Services

         Balance Enquiry

         Generation of Mini Statement

         Any other transaction approved by the Bank in writing.

5.         All activities under this agreement shall follow strictly the CBN guidelines on Agent banking and relevant circulars issued by the CBN and other regulatory Agencies from time to time.

6.         The Agent’s start-up capital limit shall be N——————– subject to review based on performance as determined by the Bank.

7.         The Agent shall be first trained on how to carry out the financial services and operate the app / device provided by the Bank for the purpose.

8.         The Agent shall ensure delivery of instant verve cards at the cost N1,050 to the account holders known as customers immediately. This is deducted from the minimum amount of N1,500 deposited into the account at the point of account opening.

9.         All support equipment and materials are properties of the Bank and same shall be used for the purpose they were provided for.

10.       All other operational materials that will enhance service delivery shall be deployed by the Bank to the Agent’s registered business premises within the time period specified for the purpose.

11.       The Agent shall ensure that all required information for account opening and BVN enrolment are obtained from the customer and authenticated with his/her PIN.

12.       The Agent must ensure diligent application of KYC norms, capturing the requisite data relating to the customer and uploading same via the app.

13.       Agent will never make use of customer’s PIN for any transaction or share such information.

14.       COMMISSION

  1. This Agreement establishes the Agent’s and Sterling Bank’s obligations under a commission agent structure and does not create an employer-employee relationship.

  1. The Agreement confirms the Agent’s understanding that he/she shall not receive any form of salary, allowances emolument or fringe benefits such as medical, life insurance, disability protection, workman’s compensation insurance, etc., from the Bank.

  1. The Bank agrees that the Agent shall be affiliated to a specific branch of the Bank and staff of the Bank who will be his/her Agent Network Manager (ANM). The Agent shall have authority to market and solicit for customers for the Bank at specified designated locations and nationwide.

  1. The Agent shall be entitled to commission and fees for services rendered under this scheme as specified in the attached Appendix A. The Agent shall not be entitled to any draw down or advance payment of commissions.

  • The Commission payable shall be deemed to have been earned only if the Bank has confirmed the opening of an account with minimum credit balance lodged therein by a customer as well as the number of transactions carried out on various accounts.

  • The payment of the earned commission herein shall take place at the end of every month and not later than 15 days of the following month.

15.       TRAINING

The Bank shall sufficiently train the Agent at its expense, on the rudiments of its products and services, understanding retail products, various accounts opening documentation procedures and its intricacies.


  1. All customers and information acquired by the Agent on behalf the Bank belong to the Bank and the Bank shall assume full responsibility for the customers.

  1. The Agent shall use account opening documents/package obtained from the Bank strictly for completion by prospective customers. The Agent shall subsequently forward the duly completed forms either directly or through his/her Agent Network Manager (as applicable) to the affiliate branch for completion of the account opening process.

17.       AUTHORITY

  1. The Bank shall provide the Agent with a means of identification solely as proof of authority to run Agent banking on behalf of the Bank.

  1. The Agent shall have no authority to bind, obligate or commit the Bank by any promise or representation unless specifically authorized by the Bank in writing under these terms of agency banking.

  1. The Agent shall have no authority to use the Bank’s name or privileges to do or solicit from any person, for any other purpose and in any manner other than as provided in this Agreement.

  1. The Agent shall have no authority to enter into any co-brokerage arrangement or assignment of responsibilities to a third party without the prior written consent of the Bank.

  • The Agent shall have no authority to undertake cheque deposits and encashment of cheques.

  • The Agent shall carry out transactions on/offline.

  • The Agent shall have no authority to carry out transactions without appropriate proof of transaction.  All transactions must be carried out immediately and receipt or electronic confirmation given to customers.

  • The Agent shall have no authority to charge customers any fee other than that stipulated by CBN and the Bank, which must be conspicuously displayed in the Agent’s premises at all times.


All training and sales materials, account opening documents, forms, brochures, etc. remain the property of the Bank and in the event of termination by either party must be returned promptly to the Bank.


The foregoing contains the entire agreement of the parties hereto – including Appendix A, and no modification thereof shall be binding upon either parties unless the same is in writing and signed by the respective parties hereto. It is mutually understood and agreed that this agreement shall and hereby does terminate, cancel and supersede any and all other written and verbal agreements between the parties hereto.


The Agent shall agree to indemnify and hold harmless the Bank, its agents, servants, directors, officers, employees, from and against any and all losses, claims, demands, damages, expenses or costs which in any way arise out of or relate to any unauthorized act or omission of the Agent in connection with the agent banking business including, but not limited to the miscommunication of information to customers through the use of the Bank’s documents or use of customers information for any purpose not permitted in this agreement.


  1. This Agreement shall commence on the date first above written and shall continue for a period of six (6) months in the first instance and until terminated by either party.

  1. This agreement may be terminated upon 30 days’ notice by either party at any time upon written notice to the other party. Upon the termination of this agreement, the Agent shall be entitled to receive all earned commissions as described herein only if same has been earned as described herein prior to termination.

  1. Subsequent to termination, the Agent shall not solicit for any customer or hold out to represent the Bank with respect to the roles herein.

  1. Termination shall not affect the obligations of the Parties with respect to any event occurring before termination; provided, however, that

(a)  Bank shall be entitled to determine, at its sole option, whether to decline or continue to proceed with the Agent’s applications pending at the time of such termination; and

(b)  Any such application which the Bank deems fit to continue to process shall be subject to the terms and conditions of this Agreement as if the Agreement had not been terminated. The Agent shall, within five (5) days of the termination of this Agreement, deliver to the Bank a list of any applications submitted to the Bank prior to the termination of this Agreement which is pending as of the date of termination of this Agreement.

  • Notwithstanding anything contained in this agreement, the bank reserves the right to terminate this agreement at any time upon notifying the agent in the cases of fraud or any form of misdemeanor by agent.


The Agent shall acknowledge and agree that confidential data and non-public personal information relating to the Bank/customer, as well as the Bank’s marketing, strategies, business operations, and business systems (collectively, the “Confidential Information”) may come into the Agent’s possession in connection with this Agreement. The Agent shall maintain the confidentiality of and protect the Bank and customers’ Confidential Information in accordance with all laws, regulations, rules and guidelines and agrees to implement, utilize, and maintain best practices to secure and protect Confidential Information from unauthorized access, destruction, use, modification, or disclosure, and agrees that it will not retain copies of any such information and that it will not use or disclose such Confidential Information to any commercial advantage or in any other manner.

23.       Governing Law

The Contract with the Agent shall be governed by the Laws of Nigeria and will be subjected to the exclusive jurisdiction of Nigerian Courts.

24.    Force Majeure

  1. The Agent or the Bank is/are not responsible for delays or non-performance of any contractual obligations, caused by war, blockage, revolutions, insurrection, civil commotion, riots, mobilizations, strikes, blockade, acts of God, plague or other epidemics, fire, flood, acts of Government or public enemy or any other event beyond the control of either party which directly, materially and adversely affect the performance of any contractual obligation.
  2. If a force majeure situation arises, the Agent shall promptly notify the Bank in writing of such conditions and the change thereof.
  3. Notwithstanding anything contained in this agreement, force majeure shall not affect any of the Agent financial obligation to the bank.


Commission payable to Agent based on the type of transaction and fees.

1         Transaction type Applicable fee Sharing formula (%) (Agent: Bank)
Cash-in at Agent N100 80:20
Self-service cash-out at Agent 1% of transaction amount subject to a minimum of N50 and maximum of N500 80:20
Withdrawal at ATM Standard N65 ROU fee charged for every transaction on other banks ATMs after the first 3 in each month NA
Cash-in at branch FOC (FREE OF CHARGE) NA
Cash-out at branch FOC (FREE OF CHARGE) NA
Funds transfers via agent (within scheme) 1.5% of transaction amount subject to a minimum of N50 and maximum of N300 80:20
Funds transfers via agent (to regular sterling bank account) 1.5% of transaction amount subject to a minimum of N50 and maximum of N300 80:20
Funds transfers via agent (interbank) 1.5% of transaction amount subject to a minimum of N50 and maximum of N500 80:20
Funds transfer (non-account holder) 1.5% of transaction amount subject to a minimum of N50 and maximum of N500 80:20

Other Charges and Commissions

2         Commission type Description Amount
Account opening commission Commission paid one-off to the Agent for every account opened, as a share of the debit card issuance fee margin N250
Card Cost Cost of Debit Cards N1,050 per card
Card Maintenance fee Cost of Card maintenance per month N50 per Customer