US Edition“N2 extra is breaking”: Banks implement N6 SMS transaction fee, Nigerians react
- Guaranty Trust Bank announced that starting May 1, 2025, the charge for SMS transaction alerts will increase from ₦4 to ₦6 per message, with customers being informed a day prior to the change.
- The bank raised its fee following a 50% increase in telecom tariffs authorized in January 2025 by Nigeria’s regulatory authority overseeing communications.
- Telecom companies increased charges for SMS, calls, and data to counter rising operational costs caused by economic pressures, currency fluctuations, and sharply higher fuel expenses.
- Starting May 1, 2025, GTBank will raise the cost of SMS transaction alerts from ₦4 to ₦6 each, citing higher telecom charges as the reason, and has advised customers who prefer not to incur this fee to disable SMS notifications through the bank’s website.
- The fee hike sparked mixed reactions amid economic strain, with consumer groups warning of affordability issues especially for low-income Nigerians and small businesses.
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15 Articles
Banks Raise SMS Alert Charges by 50% Amid Telecom Tariff Hike
Effective today, May 1, several Deposit Money Banks (DMBs), including Guaranty Trust Bank (GTBank) and Ecobank, have increased their short message service (SMS) alert charges by 50 percent, following adjustments in telecommunications tariffs.
Nigerian Banks Impose N6 SMS Transaction Alert Fee Amid Economic Strain
Starting May 1, 2025, major Nigerian banks, including Access, Zenith, and UBA, began charging N6 per SMS for transaction alerts, a move approved by the Central Bank of Nigeria (CBN) to offset rising operational costs.The fee, applied to all account holders receiving SMS notifications, adds to the financial burden on millions of Nigerians grappling with 33.2% inflation and a 70% naira devaluation since 2023, per National Bureau of Statistics. The…
Banks increase SMS alert charges by 50% as telecom tariff hike takes effect
GistReel Banks in Nigeria have raised their SMS alert charges by 50 per cent, effective today, May 1, 2025, following the recent changes in telecom service rates approved by the Nigerian Communications Commission (NCC). Among the affected banks are Guaranty Trust Bank (GTBank) and Ecobank, both of which have informed customers of the new charges via official notifications. GTBank’s SMS transaction alert fee has risen from N4 to N6 per message, w…
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