Effective May 1, 2025, Nigerian banks have increased SMS transaction alert fees by 50%, raising the cost from ₦4 to ₦6 per message. This adjustment follows the Nigerian Communications Commission’s approval of a 50% hike in telecom tariffs, impacting services such as bulk SMS used by banks for customer notifications.
In response to the increased charges, many bank customers are opting for email alerts, which remain free of charge. Banks like Guaranty Trust Bank and Ecobank have informed customers about the new SMS fees and provided options to switch to email notifications. Customers can update their alert preferences through the banks’ online platforms or customer service channels.
The shift towards email alerts reflects customers’ efforts to manage banking costs amid broader economic challenges, including inflation and rising living expenses. By choosing email notifications, customers aim to maintain real-time account monitoring without incurring additional fees.
This development underscores the growing importance of digital communication channels in Nigeria’s banking sector, as financial institutions and customers adapt to changing economic conditions and technological advancements.
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