IBY
Peterside Rejoice Eneky
Nigerian banks have commenced implementation of a new SMS transaction alert fee of N6 per message, effective today, May 1, 2025. The new fee represents a 50 percent increase from the previous rate of N4 and follows the recent hike in telecommunications tariffs approved by the Federal Government.
In notices sent to customers, banks explained that the increase in SMS charges is a result of higher costs from telecom service providers. Guaranty Trust Bank Limited, in an email titled “Increase in SMS Transaction Alert Fee”, informed customers that the new rate will apply to all transaction-related messages.
The bank stated: “Dear Valued Customer, please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers.”
Banks emphasized the importance of transaction alerts for financial monitoring and fraud prevention. However, customers who wish to avoid SMS charges are encouraged to update their notification preferences through online banking platforms or opt for alternative methods such as email alerts.
It was also noted that SMS messages sent to international numbers will attract higher charges, in line with telecom providers’ pricing structures.
The increase in SMS fees has sparked concern among some customers, particularly those who rely heavily on SMS alerts for account monitoring. Consumer advocacy groups have urged banks to provide more flexible and affordable notification options amid rising living costs.
The new SMS charge is expected to impact millions of bank users nationwide, as financial institutions adjust to rising operational costs driven by changes in telecom pricing.
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