Banks Give Customers Another Option, As SMS Transaction Alert Fee Increases From May 1
- Nigerian banks have increased the SMS fee alert for transactions in response to the latest telecom tariff hike
- The new SMS transaction alert fee will begin from May 1, 2025, up from the previous N4, reflecting a 50% increase
- Banks, including Guaranty Trust Bank, informed customers via email about the revised charges
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian banks have commenced the implementation of N6 per SMS transaction alert, marking a 50% increase from the previous fee of N4.
This adjustment comes in response to a recent telecommunications rate increase approved by the Nigerian Communications Commission.
Source: Getty Images
Bank customers can opt out of SMS service
Banks have communicated to their customers about the new fee through emails and other communication channels, advising those who do not wish to receive SMS alerts to opt out.
Guaranty Trust Bank, in an email titled "Increase in SMS Transaction Alert Fee," informed customers about the new rate effective from Thursday, May 1, 2025.
The message reads:
“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.
“Kindly note that transaction alerts are important and help you keep track and stay in control of activities on your account.
“If you prefer not to receive transaction alerts via SMS, you can update your preferences by completing the transaction alert form on our website.
“SMS alerts to international phone numbers are subject to higher charges.”
Source: Getty Images
Similarly, EcoBank told its customers about the new changes in a message titled: Review of SMS notification charges.
"Update on SMS Notification Charges. Dear valued customer, We would like to inform you that the cost of SMS notifications will increase from N5 to N6, effective May 1, 2025, due to a revised tariff.
"We understand that this change may cause some inconvenience and want to assure you that the decision was made after careful consideration. We remain committed to delivering the best possible service and sincerely appreciate your understanding and continued support.
"If you have any questions or require further assistance, please do not hesitate to contact our 24/7 Contact Centre via the channels below."
NCC approves new telecom tarrif
In January, Legit.ng reported that the NCC approved a 50% tariff increase for telecoms operators in the country.
For years, Mobile Network Operators (MNOs) and other stakeholders have urged the government to consider rising inflation and approve a tariff hike on data, calls, and SMS services.
MTN reacts to FG’s approval of 50% hike
Legit.ng reported that MTN has reacted to the federal government's decision to increase call, data, and SMS tariffs.
The telecommunications giant assured subscribers that the tariff adjustment would improve services.
Karl Toriola, CEO of MTN Nigeria, said the adjustment would address rising operational costs and ensure critical investments in infrastructure in the telecom industry.
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Source: Legit.ng
