NIGERIA: Banks Increase SMS Alert Charges By 50% Effective 1st May 

By Ameenat Hamzat, Lagos, Nigeria 

Some Nigerian Deposit Money Banks (DMBs), including Guaranty Trust Bank (GTBank) and Ecobank, have raised their SMS alert charges by 50% starting today, May 1, 2025.

This adjustment comes as a direct result of increased telecom service rates, following a recent tariff hike approved by the Nigerian Communications Commission (NCC).

GTBank has raised its SMS transaction alert fee from N4 to N6 per message. The bank attributed this increase to changes in telecom service rates, explaining that the decision was made in response to rising operational costs in the telecommunications sector.

In an official notice sent to its customers, GTBank stated: “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.”

Ecobank has also informed its customers via email that its SMS alert fee had increased from N5 to N6 per message, citing a “revised tariff.” The bank assured customers that the decision was made after careful consideration, although it acknowledged that the hike may cause some inconvenience.

It stated: “We understand that this change may cause some inconvenience and want to assure you that the decision was made after careful consideration,” the email read. “We remain committed to delivering the best possible service and sincerely appreciate your understanding and continued support.”

The hike in SMS charges follows a broader trend of increasing telecom costs. In February 2025, telecom operators in Nigeria, including MTN, Airtel, Globacom, and 9mobile, raised their prices for data and voice calls, citing rising energy costs and the depreciation of the naira.

The NCC approved a 50% increase in tariffs, a decision that has led to the rise in SMS alert charges, which banks rely on to notify customers of account transactions.

While many financial institutions continue to use SMS for real-time notifications of account activities, alternative alert methods, such as email notifications, remain available for those seeking a free option.

In its message, GTBank also emphasised the importance of SMS transaction alerts in monitoring account activities and improving security, offering customers the option to opt out if they no longer wish to receive SMS alerts.

The message further noted; “Transaction alerts are important and help you keep track and stay in control of activities on your account,” the bank explained, noting that customers could update their preferences online if they preferred not to receive SMS alerts.