Banks Raise SMS Alert Charges by 50% Amid Telecom Tariff Hike
Effective today, May 1, several Deposit Money Banks (DMBs), including Guaranty Trust Bank (GTBank) and Ecobank, have increased their short message service (SMS) alert charges by 50 percent, following adjustments in telecommunications tariffs.
GTBank has raised its transaction alert fees from N4 to N6 per SMS, attributing the change to higher telecom service charges. Similarly, Ecobank has notified customers of an increment from N5 to N6 per SMS. The banks communicated the revised fees to their customers via email, noting that the decision was taken after careful consideration of the rising operational costs.
“We understand that this change may cause some inconvenience and want to assure you that the decision was made after careful consideration,” read a notification from one of the banks. “We remain committed to delivering the best possible service and sincerely appreciate your understanding and continued support.”
This development comes on the heels of the Nigerian Communications Commission’s (NCC) recent approval of a 50 percent increase in end-user tariffs for telecom services. Telecom companies had earlier raised the prices of voice calls and data packages, citing rising energy costs, naira depreciation, and frequent damage to fibre-optic infrastructure.
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In response to the telecom hike, GTBank reiterated the importance of SMS alerts for customer security, emphasizing their role in helping users monitor account activities in real time. However, the bank also provided an opt-out option for customers preferring alternative notification methods.
“Please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message due to the recent increase in telecom rates,” GTBank stated. “Transaction alerts are important and help you stay in control of your account activities.”
Customers who prefer not to receive SMS alerts can update their notification preferences by submitting the required form via the bank’s support email.
Telecom providers, including MTN, Airtel, Globacom, and 9mobile, have argued that the tariff revision was necessary to maintain operations amid escalating costs and over a decade of stagnant pricing. While they initially requested a 100 percent increase, the NCC approved a 50 percent hike to balance consumer affordability with industry sustainability.
As a result of the approved adjustments, telecom costs have surged. For instance, MTN’s 1.8GB monthly data plan rose from N1,000 to N1,500, while the 20GB package jumped from N5,500 to N7,500.
Many banks continue to offer email alerts as a free alternative for customers seeking to avoid SMS charges.
By PRNigeria
