Customers of major Nigerian banks woke up to a fresh wave of deductions on Wednesday, May 1, as lenders across the country raised their SMS alert fees by 50 per cent, citing increased telecom service rates recently approved by the Nigerian Communications Commission (NCC).
Leading the charge are Guaranty Trust Bank (GTBank) and Ecobank, both of which have notified customers of the upward review in charges. GTBank announced that it will now charge N6 per SMS alert, up from N4, while Ecobank raised its rate from N5 to N6.
The hike comes as part of a broader adjustment by telecom operators, who have revised SMS and service delivery costs. Banks, which rely heavily on SMS alerts for real-time customer communication and fraud detection, say the move was inevitable.
In an email to customers on Tuesday, GTBank explained that the review was triggered by recent changes in telecom tariffs. “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,” the bank stated.
It added that SMS alerts remain a key part of its fraud prevention system, but customers who wish to opt out can do so via an online form.
Ecobank, in its own message to clients, said the decision to review rates came after “careful consideration,” acknowledging that it may cause inconvenience for some users. “We remain committed to delivering the best possible service,” it added.
While SMS alerts have become a common feature for Nigerian account holders to track their finances and prevent unauthorised transactions, most banks continue to offer email alerts at no cost. However, many customers still prefer SMS due to its immediacy and accessibility, especially in areas with limited internet access.
The latest adjustment adds to the growing list of financial service charges that Nigerian consumers have had to contend with in recent months, amid inflationary pressures and general cost-of-living increases.
Consumer rights advocates have already begun raising concerns about the cumulative burden these charges place on average Nigerians, especially in the absence of clear regulation on how banks pass on third-party service costs to customers.
As of press time, more banks are expected to announce similar changes in the coming days.
