Deposit Money Banks (DMBs) in Nigeria have raised SMS transaction alert charges by 50 per cent, with the new rate taking effect today, May 1, 2025. The hike, which sees fees rise from N4 to N6 per message in some cases, is being attributed to increased telecom service costs approved by the Nigerian Communications Commission (NCC).
Guaranty Trust Bank (GTBank) and Ecobank are among the institutions that have notified customers of the increase. While GTBank’s new fee reflects a jump from N4 to N6 per SMS, Ecobank adjusted its rate from N5 to N6.
The banks cited recent adjustments in telecom tariffs, which saw SMS charges and data costs climb, as the primary reason for the revised pricing. In emails sent to customers, the banks expressed regret over any inconvenience, describing the decision as “carefully considered” and necessary to maintain service quality.
“Please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message,” GTBank said in its message. “This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers.”
The move follows NCC’s approval of a 50 per cent tariff hike for telecom operators, who had earlier pushed for a 100 per cent increase due to surging operational costs. The operators, including MTN, Airtel, Globacom, and 9mobile, cited the rising cost of energy, naira devaluation, and recurring damage to fibre-optic infrastructure as reasons for their financial strain.
The increased telecom costs have already affected mobile data prices, with MTN’s 1.8GB monthly plan rising from N1,000 to N1,500 and its 20GB plan from N5,500 to N7,500.
Despite the SMS charge hike, many banks continue to offer email alerts as a free alternative. GTBank encouraged customers to consider this option or opt out of SMS notifications entirely by submitting a request through its website.
The SMS alert service remains a key tool for real-time monitoring of account transactions, helping customers detect unauthorized activity and enhance account security. However, the new charges are likely to place additional financial pressure on millions of Nigerians already grappling with rising living costs.
The development comes amid broader concerns over affordability in the telecom and banking sectors, even as both industries attempt to balance sustainability with consumer protection.
