Deposit Money Banks (DMBs) have raised their short message service (SMS) alert charges by 50 per cent with effect from today, May 1.
Among the banks are Guaranty Trust Bank, Ecobank as well as others that have informed their customers of the increase of the charges to N6 per one SMS.
While GTBank announced a 50 per cent increase in its SMS transaction alert fee from N4 to N6 per message, citing changes in telecom service rates, Ecobank said it increased its cost of SMS alerts to N6 from N5.
The hike was announced in an email sent to its customers yesterday, citing a “revised tariff” for the change. “We understand that this change may cause some inconvenience 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,” the email stated.
The increase came after recent tariff hikes after the Nigerian Communications Commission (NCC) approved a 50 per cent adjustment to end user tariffs of telecom services in the country. Telecom operators had jerked up prices for data and voice calls in February, citing rising operation costs in the country. Although financial institutions rely on SMS to notify customers of account transactions, many offer email alerts as a free alternative.
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In a message to customers, GTBank said the increase is due to the recent increase in telecom rates as communicated by the telecommunication service providers. “Please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” it noted.
GTBank noted the importance of SMS transaction alerts for monitoring account activities and enhancing security, while also offering customers the option to opt out if preferred.
“Kindly note that transaction alerts are important and help you keep track and stay in control of activities on your account,” the bank said.
The SMS alert system allows customers to receive real-time notifications of activities on their accounts, helping them monitor any unauthorised or suspicious transactions. Customers who no longer wish to receive transaction notifications via SMS are allowed to opt out.
“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 notification read.
Telecom operators in Nigeria, such as MTN, Airtel, Globacom and 9mobile, have faced financial pressures due to rising energy costs, and the depreciation of the naira, which has made importing infrastructure more expensive.
Additionally, frequent disruptions to fibre-optic cables have led to substantial losses. Despite these financial strains, telecom tariffs in Nigeria had remained unchanged for over a decade.
In response to these rising costs, telecom operators petitioned the NCC for a 100 per cent increase in tariffs. However, the NCC approved a more moderate 50 per cent hike, aimed at balancing the financial sustainability of the operators with consumer affordability.
The approved 50 per cent increase has had a noticeable impact on telecom pricing. For example, SMS charges have risen from N4 to N6 per message. In addition, data plans have also seen significant price hikes. MTN’s 1.8GB monthly plan, for instance, increased from N1,000 to N1,500, while the 20GB plan saw a rise from N5,500 to N7,500.
