Sterling Bank has announced it will absorb the recently introduced ₦6 SMS alert fee for its customers over the next 60 days.
This decision comes as Nigerian banks implement the new charge, following a 50% increase in telecom tariffs approved by the Nigerian Communications Commission in January 2025.
In a communication sent to its customers on Thursday, May 1, Sterling Bank acknowledged the financial strain the new SMS charges could impose, stating, “We’ve received an update from our telecom partners that the cost of SMS alerts have increased. We know this is not welcome news, especially at a time when every naira matters.”
To mitigate this impact, the bank declared, “For the next 60 days, Sterling will absorb the difference. You will continue to pay the old rate while we cover the gap. It is our way of standing with you while you adjust.”
Furthermore, Sterling Bank is offering customers the option to switch their credit alerts to email notifications, which are secure, instant, and free of charge. However, for debit alerts, the bank recommends retaining SMS notifications due to their reliability in detecting unexpected charges.
This initiative aligns with Sterling Bank’s recent efforts to alleviate banking costs for its customers. In April 2025, the bank eliminated transfer fees on its digital platform, OneBank, becoming the first major Nigerian bank to do so.
The bank’s CEO, Abubakar Suleiman, emphasized that this move was part of a broader strategy to make banking more affordable and accessible for Nigerians.
Sterling Bank’s proactive measures come at a time when digital banking fraud is on the rise in Nigeria. In the second quarter of 2024, Nigerian banks reportedly lost ₦42.6 billion to fraudsters, with a significant portion attributed to fake alerts and related scams.
