Business
Banks to begin N6 Charge for SMS Transaction Alerts as Telecom Rates rise
Banks across Nigeria will from today begin implementing a new charge of N6 for every SMS transaction alert sent to customers, following an upward review in telecommunications tariffs approved by the Federal Government.
This new rate reflects a 50 per cent increase from the previous charge of N4 per SMS.
Several banks have already notified their customers through emails about the new adjustment in SMS charges. One such message from Guaranty Trust Bank Limited, titled “Increase in SMS Transaction Alert Fee”, informed customers that the new fee would take effect from Thursday, May 1, 2025.
The message explained that the hike was necessary due to the recent increase in telecom rates communicated by telecommunication service providers.
It further reminded customers about the importance of SMS alerts, noting that the service helps account holders monitor and stay in control of their financial transactions.
The bank also advised customers who may wish to opt out of SMS alerts to update their preferences through a transaction alert form available on its website. Additionally, it disclosed that SMS alerts sent to international phone numbers would attract higher charges.
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