Commercial banks in Nigeria, including Guaranty Trust Bank and Ecobank, have announced an upward review of SMS transaction alert charges, with fees rising from N4 and N5 respectively to N6 per message, effective May 1, 2025.
This development comes in response to a 50% increase in telecommunications tariffs approved by the Nigerian Communications Commission on January 20, following a request by telecom service providers.
The telcos began implementing the new rates on calls, SMS, and data subscriptions two weeks later.
In a notice sent to customers on Tuesday, GTBank cited the telecom rate adjustment as the reason for the fee change.
The bank emphasized the value of SMS alerts in enhancing security and helping customers monitor their account activities.
“This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” GTBank stated.
The bank further advised customers who prefer to avoid the SMS charges to opt out by updating their notification preferences online.
“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,” the message added.
Similarly, Ecobank issued a notice to customers on Wednesday confirming the new SMS alert rate and referencing revised telecom tariffs as the cause.
The bank’s message 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.”
While other commercial banks are expected to implement similar adjustments, no official notifications had been issued by them as of the time of this report.
