Effective May 1, 2025, several Nigerian banks, including Guaranty Trust Bank (GTBank) and Ecobank Nigeria, will increase their SMS transaction alert fees from ₦4–₦5 to ₦6 per message.
This adjustment is attributed to recent hikes in telecommunication service rates, as communicated by telecom providers.
GTBank informed its customers of the change, stating:
“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.”
Similarly, Ecobank Nigeria announced the revision of its SMS notification charges, increasing the cost from ₦5 to ₦6 per message, effective May 1, 2025.
These changes come amid broader concerns about rising banking costs in Nigeria. Customers have reported that routine transactions now attract multiple charges, including a ₦25 cybersecurity levy, a ₦50 bank transfer fee, ₦3.75 in VAT on the service charge, and ₦6 for SMS notifications, cumulatively impacting their account balances.
While SMS alerts provide real-time notifications of account activities, enhancing security, customers who prefer not to receive these alerts can opt out by updating their preferences with their respective banks. However, banks advise that opting out may limit immediate awareness of account transactions.
These fee adjustments are part of a broader trend of increasing service charges in Nigeria’s banking sector, reflecting the rising operational costs faced by financial institutions.
