Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman

As part of effort to support its customers many who have resulted to transfer of funds because of lack of access to cash since the new Naira notes was introduced while they also faced other economic challenges, Sterling Bank, one of Nigeria’s leading commercial banks, has suspended transaction fees for all of its personal account holders as a sign of solidarity with them .

Abubakar Suleiman, the bank’s chief executive, announced in a personal email to customers.

The message in the mail to Sterling’s clients read, “We at Sterling recognise the difficult circumstances many of our customers are going through. In light of this, from February 6, 2023, through February 18, 2023, our fund transfer services will be provided free of charge to all personal account customers. In addition, we are glad to inform you that
we will provide free Debit Cards to all interested customers. This will provide you with a convenient and secure way to make purchases and carry out transactions.”

The move is viewed as part of Sterling Bank’s continuous efforts to support its customers and the general public as the nation navigates the distribution of the new Naira notes.

Speaking to the press about the program, Sterling’s Chief Marketing Officer, Dante
Martins, stated that this is the first initiative of its sort by a Nigerian commercial bank and that other banks should replicate it.

According to Martins, “We believe that by eliminating transaction costs during this period, we will be able to enable our customers enjoy a more convenient banking experience by utilising our comprehensive digital solutions, hence reducing their reliance on physical cash.”

The CMO said, “We understand that our consumers require options for their daily needs, and we want to ensure that we can serve them as effectively as possible throughout this moment. By suspending transaction fees, we are confident that our clients will be able to focus on what’s most important to them while continuing to rely on Sterling’s quality and simplicity.

Positive social media feedback has been collected in response to the effort, with
message recipients praising the bank’s approach. This positive feedback follows the public’s warm reception of the bank’s emphasis on customer comfort and excellent service, as captured in a video that went viral and depicted bank employees in different locations sharing bottles of water with customers waiting in line to withdraw cash from ATMs and banking halls.