Panic as banks raises SMS alert charges to ₦6, over new tarriff

Nigerian banks have announced a fresh upward review of SMS transaction alert charges, raising the fee from ₦4 or ₦5 to ₦6 per message.

The new rate takes effect on Thursday, May 1, 2025, and applies to all customers receiving alerts via text message.

Guaranty Trust Bank (GTB) was among the first to issue a notice to customers.

In the message sent on Wednesday, the bank said the adjustment followed a new tariff structure introduced by telecom operators.

“Dear Valued Customer,” the GTB notice read,

“Please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from ₦4 to ₦6 per message.”

“This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” the bank added.

GTB also advised customers on how to manage their alert preferences.

“If you prefer not to receive transaction alerts via SMS,” the message stated, “you can update your preferences by completing the transaction alert form on our website and sending it to gtbankmailsupport@gtbank.com.”

Ecobank Nigeria has also informed customers of a similar increase.

The bank raised its SMS notification fee from ₦5 to ₦6, effective the same day.

In its message, Ecobank attributed the change to adjustments in telecom tariffs.

It described the increase as necessary under the current operating environment.

“We are committed to providing efficient banking services,” the message read, “and will continue to adjust to industry-wide changes.”

These increases come amid mounting operational costs in the banking and telecommunications sectors.

Industry analysts note that rising inflation and regulatory pressures have pushed several banks to review service charges.

Financial institutions now face higher overheads for delivering real-time services such as SMS alerts, which many customers still rely on.

Some customers have expressed concern over the additional cost, especially those who receive frequent alerts due to multiple transactions.

However, banks insist that SMS alerts remain an essential security feature. “Transaction alerts help you track and stay in control of your account,” GTB stated.

With the new charges, customers may choose to switch to email or app notifications to avoid the SMS fee. Many banks already offer free alternatives via mobile banking apps or emails.

As May 1 approaches, customers are advised to review their notification settings and choose the most cost-effective option

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