Terms and Conditions for Sterling Premium
Overdraft Terms

This is your agreement with STERLING BANK PLC (hereinafter referred to as the “Bank”) setting out the terms and conditions (“Terms”) that apply when you, as an existing customer, subscribe to Sterling Premium (“Services”). These Terms govern your relationship with the Bank under this scheme, and you must review the terms and conditions before selecting "I Agree/OK" to confirm your acceptance. Please do not accept if you do not agree to all these terms; acceptance indicates that you understand and agree that these Terms will be binding on you.

In this agreement,
  • “You", "your", “I” means the Bank’s customer who accepts these Terms.
  • "We," "us," and "our" means Sterling Bank Plc.
  • “Product” means Sterling Premium. Sterling Premium membership grants the customer access to interest-free overdrafts, zero account maintenance fee (AMF) accounts, Cafe One access, 2 monthly movie tickets and telemedicine access.
  • words in the singular include the plural and vice versa.
  • words of any gender include every other gender and references to legal persons shall include natural persons and vice-versa.
  • the headings to clauses are inserted for ease of reference only and shall not be construed in the interpretation of this Agreement; and
  • reference to any statute, statutory provision or regulation includes reference to that statute, statutory provision or regulation as amended, modified or re-enacted.

These Terms will take effect on the day you agree to use the Services and will last until it is terminated in accordance with the termination clause contained in this Term.


Sterling Premium is a subscription-based, loan and lifestyle product that offers you an interest-free overdraft, a MasterCard debit card, zero AMF account, Cafe One, box office movie tickets and telemedicine access for a monthly subscription fee of N5,000. This subscription fee may be reviewed from time to time with notice to you. If you do not wish to continue your subscription at the new price, you may unsubscribe 1in accordance with the termination clause herein.

  1. You are required to read and accept these Terms by ticking the box in the link sent to your email.
  2. To access the product offerings, you must authorise us to debit your account monthly for the subscription fee of N5,000 or any other amended sum as communicated to you.
  3. Debit to your account for the subscription fees shall only be done on the 20th day of each month. If you accept these Terms within the 1st and 20th day of the month, and make your subscription fee available, we will debit your account with the subscription fee on the 20th day of that month. If you accept these Terms after the 20th day of the month, and make your subscription fee available, we will debit your account with the subscription fee on the 20th day of the following month.

The following benefits are available to you when you subscribe to Sterling Premium. You understand and agree that the Bank reserves the exclusive right to review the benefits at any time.

A.  Access to an overdraft facility in an amount advised by the Bank

B.  Sterling Premium Debit MasterCard

Sterling Premium entitles you to a MasterCard debit card. Once the Card is activated, any existing MasterCard debit card that was previously issued to your Sterling account shall be deactivated. You are not obliged to accept the Debit card and may choose to continue with your existing debit card. Upon expiration of the debit card, you will subsequently be issued another debit card at the regular bank charge when you request.

C.  Movies Tickets

  • You will have access to complementary movie tickets.
  • This will be given to you as discount codes via email upon acceptance of the offer.
  • No complimentary movie tickets offered to you are transferable to a third party.
  • Once the movie tickets are redeemed for a particular month, they will count as part of your monthly allocation, notwithstanding that you have not utilized the ticket. The ticket is only valid for the active subscription period
  • If a movie ticket is not redeemed within a specific month, it will be forfeited and cannot be carried over to the following months.

D.  Telemedicine Service

  • You can access Telemedicine services offered by Tremendoc Limited.
  • These Telemedicine services include unlimited 24/7 access to a general practitioner and specialist consultations on their platform.
  • Telemedicine services offered to you under these Terms are non-transferable.
  • A token would be made available to you to access the telemedicine service. The token is only available for redemption within the period of a subscription of one month and cannot be carried over month-on-month. Once the token has been redeemed within your active subscription period, it will count as part of your allocation for the month.

E.  Access to co-working spaces

  • You can access co-working spaces offered by Café One by Sterling.
  • These services include access to Café One select locations across Nigeria for meetings, workspaces, and networking events.
  • A token would be made available to you to access the Café One services. Once the token has been redeemed within your active subscription period, it will count as part of your allocation for the month.
  1. You may terminate this agreement by giving written notice of your intention to terminate these Terms, and the Terms shall immediately terminate upon receipt of the notice. You may send us your notice of termination via email to our contact- Where the Bank terminates these Terms, a notice shall be sent to your email address or other contact information provided by you.
  2. The Bank may at any time, with notice to you, suspend, cancel, or refuse to renew your subscription to the product for any reason including but not limited to (1)the inability to debit your accounts due to insufficient funds; (2)your inability to meet the Bank’s qualifying criteria (3)where the continuous provision of the services constitutes illegality or (4) where a renewed subscription in the opinion of the Bank, poses any credit or regulatory risk.
  3. You understand and agree that termination of these Terms does not entitle you to the subscription fee already debited by the Bank. The Bank shall not issue a refund, either in part or in full, for the subscription amount, if you choose to terminate these Terms.
  4. You understand and agree that to proceed with the termination of the agreement, it is necessary for you to settle any outstanding overdraft balance you have collected from the Bank. Kindly note that failure to clear the overdraft amount may result in the Bank considering the termination request as invalid until the outstanding balance is fully resolved

You agree to indemnify and hold harmless the Bank, its agents, servants, directors, officers, and employees, from and against any and all losses, claims, demands, damages, expenses or costs which in any way arise out of or in connection with these Terms.

  1. You understand that we are only providing you with token services to enable you to access services from third-party service providers. Consequently, we do not give any warranty that the services provided by these third-party service providers will be fit for purpose or error-free. The Bank shall not be liable for any damages, losses, or costs arising from the acts or omissions of such third party service providers.
  2. You shall not hold the Bank responsible for any damages, losses, or costs arising from your use of any services provided by the third-party service providers. You acknowledge that you use such services at your own risk and shall be responsible for implementing appropriate security measures and backup procedures to protect your data.
  3. If any unlawful and/or unenforceable provision of this Terms, would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue in effect.
  4. If any unlawful and/or unenforceable provision of this Terms, would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue in effect.

We will not disclose information to third parties about your Sterling Premium Account unless: (1) You request or authorize it; (2) The information is provided to help complete a transaction initiated by you; (3) The information is provided to a reputable credit bureau or reporting agency; or (4) We are legally required or permitted to do so.


We take your privacy very seriously. Consequently, we are committed to complying with the Nigerian Data Protection Regulation 2019 with regard to protecting your data. You understand that by using the Services, you consent to the collection, use, storage, and disclosure of your information in accordance with the Bank privacy policy, available on our website.

  1. Events beyond the control of the Bank may occur that render the issuance or continuance of the Sterling Premium product impossible. Accordingly, the Bank will not be liable for any loss, whether directly or indirectly, suffered as a result of an event outside of its control.
  2. Events beyond the Bank’s control would include but are not limited to: acts of God, acts of war, acts of terrorism, government actions, civil unrest, fires, floods, or other natural disasters, and network and system failure, that prevent or significantly impair the bank's ability to provide services to its customers, the bank shall not be held liable for any delay, interruption, or failure to provide such services.
  3. Where a force majeure event occurs, the Bank shall to the extent practicable, make reasonable efforts to mitigate the impact of such events on you and shall resume providing the services as soon as reasonably possible. During such events, the Bank may, at its sole discretion, prioritize services to customers based on the urgency and importance of their needs.
  4. If such circumstances continue for an extended period of time, the Bank may, at its sole discretion, terminate or suspend the affected services or terminate these Terms s with you without any liability to the Bank.
  5. The Bank shall notify you of any such events and their impact on the services as soon as reasonably possible. The Bank shall not be responsible for any damages, costs, or losses incurred by you as a result of such events.

You are now subject to and will at all material times in the future comply with all applicable laws, rules and regulations concerning the detection of financial crimes, prevention of terrorism and anti-money laundering and you acknowledge that transactions conducted by you on the Sterling Premium Account will be covered by statutory and regulatory requirements relating to money laundering and combating terrorist financing.

  1. Save as provided in these Terms, no waiver of any provision of these Terms shall constitute a waiver of any other provision(s) or the same provision on another occasion.
  2. Any waiver of any right, benefit, power, or remedy under this Agreement must be in writing and signed by or on behalf of the party entitled to such right, benefit, power, or remedy.
  3. Should any provision of this Agreement be held by a court of competent jurisdiction to be illegal, invalid, or unenforceable, such provision may be modified by such a court in compliance with the law giving effect to the intent of the Parties and enforced as modified. All other terms and conditions of this agreement shall remain in full force and effect and shall be construed in accordance with the modified provision.
  4. All other terms and conditions relating to the use and operation of your account with us remain valid and binding on you.

We reserve the right to add to, change, discontinue, temporarily or permanently, any service or amend or remove portions of these Terms at any time without notice. If any law regulates that change, we will only make the change to the extent permitted by, and subject to, the requirements of that law. Notification of amendments will be provided via email or any other designated channel of communication if the changes are material.

  1. This Agreement (and, unless provided otherwise, any document entered into in connection herewith) shall be governed by the laws of the Federal Republic of Nigeria.
  2. The Parties agree that any dispute arising under or in connection with the validity, interpretation, and performance of this Agreement that cannot be resolved amicably by the Parties through negotiation within thirty (30) days shall be referred to a court of competent jurisdiction for settlement.

You hereby acknowledge and agree that these Terms may be executed electronically by box-ticking. You further acknowledge and agree that your execution by box ticking used herein has the same validity and meaning as if you had signed these Terms by hand and are legally binding on you.


If you have any questions, complaints or claims with respect to these Terms, please contact us at or call 0700 822 0000/ 01-8888822


Having read, understood and accepted the terms and conditions contained herein, I agree to be bound accordingly.


By accepting these Terms, I hereby authorize the bank to debit my account for the first subscription fees for the use of the Sterling Premium account, on the 20th of each month. I understand that if these Terms are accepted after the 20th of a month, the Bank shall be authorised to debit my account for the first subscription, on the 20th of the following month. I further understand that my subscription shall be renewed automatically until I unsubscribe from the Product.

Effective Date {“DATE OF ACCEPTANCE”}
Borrower {“BORROWER”}
Account Number {“ACCOUNT NUMBER”}
Bank Verification Number {“CUSTOMER BVN”}
Overdraft Amount {“OVERDRAFT LIMIT”}
Annual Percentage Rate 0%

Dear Sir/Ma,

Further to your application, we are pleased to inform you that Sterling Bank Plc (“Sterling” or “Bank”) has approved an Overdraft Facility in your favour, under the following terms and conditions:
INSURANCE FEE 1% per annum

I (BORROWER) hereby authorize Sterling to debit my account for all fees associated with the overdraft immediately after the facility is disbursed. I irrevocably undertake and covenant that I shall at all times make funds available in my account to meet my obligations as and when due. The foregoing shall be construed as a continuing instruction and shall not be revoked by me until I have fully paid down the loan availed to me. I (Borrower) consent that STERLING may collect, use, and disclose my/our transaction/information from/to the appointed credit bureaus and other agencies who may use the information for any approved business purposes as may from time to time be prescribed by the Central Bank of Nigeria (CBN) and/or any relevant statute or regulation.


Direct debit of the BORROWER's account.

  1. All expenses incurred in the arrangement, documentation, and enforcement of payments under this facility would be borne by the Borrower.
  2. Utilization of the facility or any part thereof shall be at Sterling’s discretion and is subject to satisfactory documentation and regulation of CBN as may be laid down from time to time
  3. The Borrower acknowledges that Sterling is a financial institution regulated by CBN
  4. The Borrower hereby agrees to indemnify Sterling against any loss, howsoever occurring, that Sterling may incur, as a result of any misrepresentation, irregularity or incompleteness in the information submitted to Sterling
  5. The facility shall terminate and all sums due to Sterling there under shall become immediately due and payable if the borrower commits any breach or defaults under the terms of the facility granted him by Sterling or any other bank.
  6. The Borrower shall keep Sterling fully informed of all facilities granted to him/her by other banks and financial institutions.
  7. The Borrower’s account must revert to credit every 30 days during the term of the facility
  8. Funds received into the account when the principal and/or interest are past due will be applied first to the overdue interest before the outstanding principal amount

Where it is necessary to insure any or all parts of the facility or security pledged, the Bank shall use your preferred insurance company selected below


Without prejudice to Sterling's right to demand repayment of outstanding amounts under the facility at any time, the occurrence of any of the following events shall cause all outstanding amounts under this facility to become immediately repayable.

  1. If the Borrower fails to settle any due obligation arising from the facility, or
  2. If the Borrower defaults in the performance or the observance of any other term, after notice might have been given to the Borrower; or
  3. If an order is made or a petition is presented for the Borrower’s undertaking and assets; or If distress or execution is levied upon or issued against the Borrower’s property and is not discharged within 5 days;

The Borrower undertakes that during the validity of the facility, while there are any outstanding thereon, the Borrower shall:

  1. Not create or allow to subsist any charge, pledge, lien or other encumbrance over the Borrower’s assets; and
  2. Not to sell transfer or otherwise, dispose of the Borrower’s assets or undertaking without the Bank’s prior written consent
  3. At any time and from time to time, upon the written request of the Bank, promptly and duly execute and deliver such further instruments and documents and take such further actions as the Bank reasonably request for the purpose of obtaining or preserving the full benefits of this Offer Letter and or the rights and powers herein granted.

The Borrower covenants that in addition to any general lien or similar right to which Sterling as a bank may be entitled by law, Sterling may at any time combine or consolidate all or any of the Borrower’s accounts with and liabilities to Sterling, set off or transfer any sum or sums standing to the credit of one or more of such accounts in or towards satisfaction of any of the borrower’s liabilities to Sterling or any other account in any other respect whether such liabilities be actual or contingent, primary, or collective and several or joint and notice of the setoff shall thereafter be given to the Borrower. The Borrower covenants to repay the loan as and when due. In the event that the Borrower fails to repay the loan as agreed, and the loan becomes delinquent, Sterling shall have the right to report the delinquent loan to the Central Bank of Nigeria (CBN) through the Credit Risk Management System (CRMS) or by any other means and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set off the Borrower’s indebtedness from any money standing to the Borrower’s credit in any other bank account and from any other financial assets that they may be holding for its benefit.


Sterling reserves the right at its to change, vary or cancel at any time, with adequate notice to the Borrower, the nature and amount of the facility as well as the underlying terms, conditions, and security arrangements. Therefore, notwithstanding anything in this offer to the contrary, this facility is regarded as payable at any time at the option of the Bank.


If the loan facility is not paid by the Borrower after notice might have been given to the Borrower, the loan will be deemed to be in default and the outstanding loan amount shall become immediately due and payable.


By accepting/signing this offer letter/facility agreement and by drawing the facility, I covenant to repay the facility as and when due. In the event that I fail to repay the facility as agreed, and the facility becomes delinquent, the Bank shall have the right to report the delinquent facility to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefit. I covenant and warrant that the Bank shall have power to set-off my indebtedness under this facility agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank. I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal, administrative authority, or any other body acting in any judicial or quasi-judicial capacity.


This offer shall be withdrawn, or the facility terminated if a situation, change of default occurs or threatens to occur, which in the opinion of Sterling would adversely affect the ability of the Bank or the Borrower to perform his/her obligation as outlined in this letter. In the event of any such termination, any fees paid by the Borrower to the Bank will not be refunded.


No failure or delay by the Bank in exercising any remedy, power or right hereunder shall operate as a waiver or impairment thereof nor shall it affect or impair any such remedies, powers or rights in respect of any subsequent default.


The Borrower hereby acknowledges that the Bank may sell, transfer, assign, novate or otherwise dispose of all or part of its rights or obligations (including by granting of participations) under this loan agreement to another bank or financial institution or to a trust, fund or any other entity which is engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets. The Customer hereby agrees to execute all documents and take all such steps as may reasonably be required by the Bank to give effect to such an assignment or transfer.

  1. All notices, consents, requests, demands, and other communications required hereunder or given pursuant to this Facility shall be in writing addressed to that Party at its respective address and delivered personally or sent by SMS, post, courier, or email.
  2. Any complaint arising from this facility shall be made in writing and delivered to the Bank personally or sent by post, courier or email at the address set out below or at such other current address as is specified by Sterling to the Customer by notice;
To: STERLING BANK PLC Sterling Towers, 20 Marina, Lagos
Attention: Group Head Customer Experience
Phone no: 070078375464; 07008220000

Where necessary, the Customer may escalate to CBN using the following information;

To: Consumer Protection Department Central Bank of Nigeria
P.M.B 0187 CBD, Abuja

The Borrower hereby acknowledges and agrees that this offer letter may be executed electronically by box ticking. The Borrower further acknowledges and agrees that the electronic signature used herein, has the same validity and meaning as the Borrower’s handwritten signature and is therefore legally binding on the Borrower.


The Borrower may cancel this loan contract within 3 days after signing same, without any penalty or charges, however, the Borrower reserves the right to waive this option by notifying the Bank in writing.

We are pleased to have been given the opportunity to be of service to you and look forward to a more mutually beneficial relationship in the future.

Please indicate your acceptance of these terms in the space provided below.


I, {BORROWER} acknowledge that I have the right to cancel this loan contract within 3 days of acceptance, and that the loan amount will not be available to me until I execute a Waiver and deliver it to the Bank, or the 3 days cooling-off period has elapsed, whichever is earlier. I understand that I also have the option to waive this right immediately by ticking the “Accept” box below which serves as my authority to the Bank to immediately proceed with disbursement of the facility.

I {BORROWER}, having read and understood the terms and conditions contained herein agree to be bound accordingly.