In a show of support for its customers, Sterling Bank has announced it will absorb the recently introduced ₦6 SMS alert fee for the next 60 days, shielding customers from the impact of rising telecom tariffs.
The move follows the Nigerian Communications Commission’s approval of a 50% increase in SMS charges by telecom operators, which took effect in January 2025 and has since been adopted by most banks across the country.
In a customer notice sent on Thursday, May 1, the bank acknowledged the strain the additional charges may place on customers. “We’ve received an update from our telecom partners that the cost of SMS alerts has increased. We know this is not welcome news, especially at a time when every naira matters,” the statement read.
“To ease this burden, Sterling will absorb the difference for the next 60 days,” the bank added. “You will continue to pay the old rate while we cover the gap. It is our way of standing with you while you adjust.”
In addition, the bank is encouraging customers to switch to email alerts for credit transactions — a free, instant, and secure alternative. For debit alerts, however, SMS remains the recommended option, due to its speed and reliability in detecting unauthorized or suspicious charges.
This initiative is the latest in a series of cost-cutting measures by Sterling Bank aimed at improving customer experience. In April 2025, the bank scrapped transfer fees on its digital platform, OneBank, becoming the first major Nigerian bank to do so.
Sterling Bank CEO Abubakar Suleiman has reiterated the institution’s commitment to making banking more affordable. “This is part of a broader strategy to deliver value and support our customers through challenging economic times,” he said.
The announcement comes amid growing concerns about digital banking fraud in Nigeria. According to reports, Nigerian banks lost over ₦42.6 billion to fraudsters in the second quarter of 2024, with fake alerts and scams contributing significantly to the losses.
By taking a customer-first approach, Sterling Bank hopes to ease financial pressure while reinforcing trust in its digital services during a period of economic and security uncertainty.
