Banks Bump Up SMS Transaction Alert Fees to ₦6, Effective May 1, 2025
Nigerian Financial Institutions Increase Costs for Text Notifications
It's coming to light that Nigerian commercial banks, including the likes of GTBank, have hiked up SMS transaction alert fees from ₦4 to ₦6, effective Thursday, May 1, 2025. According to our sources, this information was dished out in a message sent early Wednesday morning.
Apparently, the reason behind this bump in fees was due to a recent surge in telecom rates as announced by the telecommunications service providers. It's important to note that the federal government has signed off on a general increase in telecom tariffs.
The banks made it clear in their communication that SMS alerts to international phone numbers will accrue higher charges.
Here's a sneak peek of the message sent to our correspondents by GTBank:
"Yo, valued customer! Wanna fill you in? As of Thursday, May 1 2025, them SMS transaction alert fees goin' up from ₦4 to ₦6 per message. This adjustment all due to a recent increase in telecom rates, those communications providers been talkin' about.
"FYI, these transaction alerts important sht. They help you keep track, stay in control of activities on your account.*
"If you ain't feelin' the SMS alerts, you can always update your preferences by completin' the transaction alert form on our website and sendin' it to gtbankmailsupport@gtbank.com," reads the message from GTBank.
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- A Kano government blunder saw a hefty ₦4.7 million ending up in a top official's bank account[2][3]
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- An Ibadan man confesses to offing 76 women for rituals, claiming he snagged details of one of his victims from their bank[2][3][5]
- The EFCC busted some notorious bank hackers in Abuja[1][3]
- The Corporate Affairs Commission (CAC) issues fresh guidelines for banks' recapitalization and merger[1][4][5]
- Nigerians have taken note of the increase in SMS transaction alert fees from ₦4 to ₦6 by commercial banks like GTBank, effective May 1, 2025.
- This increase is attributed to a recent surge in telecom rates announced by telecommunications service providers.
- The federal government has approved a general increase in telecom tariffs.
- Banks have clarified that SMS alerts to international phone numbers will incur higher charges.
- In a message sent to correspondents, GTBank explained that this adjustment is due to the recent increase in telecom rates.
- GTBank highlighted the importance of SMS alerts in helping customers keep track and control of their account activities.
- The incoming Tinubu government plans to establish a National Youth Development Bank in the industry of finance and banking-and-insurance by 2025.
