Commercial banks in the country, including Guaranty Trust Bank (GTBank) and Ecobank have announced an increase in SMS transaction alert fee from N4 to N6 per message, effective May 1.
This follows a January 20 approval by the Nigerian Communications Commission (NCC), of a request by telecommunications companies (telcos) to increase tariff by 50 per cent.
Two weeks later, telcos began implementing the hike in both calls, SMS and data subscriptions.
In a notice to customers on Tuesday, GTB attributed the adjustment to the recent hike in telecommunications charges by service providers.
The bank said the importance of SMS alerts is monitoring account activities and mitigating fraud.
“This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” GTBank said.
The bank added that customers who wish to avoid the charges may opt out of SMS alerts by updating their preferences on the bank’s website.
“If you prefer not to receive transaction alerts via SMS, you can update your preferences by completing the transaction alert form on our website and sending it to gtbankmailsupport@gtbank.com,” GTB said.
Similarly, Ecobank also sent emails to its customers on Wednesday, informing them of the change.
It attributed the change to revised tariff.
The mail read: “We would like to inform you that the cost of SMS notification will increase from N5 to N6 effective May 1, 2025 due to a revised tariff.
“We understand that this change may cause some inconveniences 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.”
Other banks are also expected to increase their charges, even though they have yet to notify their customers at the time of the report.
As of now, there have been no similar announcements from other banks regarding SMS alert fee adjustments.
