NewStats: 3,264,279 , 8,183,187 topics. Date: Tuesday, 10 June 2025 at 12:22 PM 3m6x2h

By Dotun Omisakin and Adebayo Gbenga,


Customers and stakeholders yesterday expressed concerns over commercial banks’ SMS transaction alert charge increment, further compounding their woes on the multiple charges.

The banks on Wednesday made the announcement of the increment vía messages sent to their respective customers, taking effect from Thursday, May 1, 2025.

“Dear Valued Customer, 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,” the message read.

Daily Trust’s finding showed that the increment came on the heels of the approved 50 per cent increment by the federal government on telecommunications service providers to increase their tariffs across board.

Already, Nigerian banks impose various charges on their customers, including transfer fees, maintenance fees, SMS alert fees, ATM withdrawal fees, and levies like the cybersecurity levy.

For instance, if a customer is sending money to another person using a different bank, this attracts three charges including the transfer fees or commission, Value Added Tax (VAT) on the transfer as well as an SMS charge. Then if the transfer is N10,000 or more, the receiving is also charged N50 as electronic money transfer levy.

Many Nigerians migrated to fintechs to avoid some charges imposed by the deposit money banks until recently when the federal government implemented the EMTL charge on fintechs which means that any transfer from N10,000 and above, the receiving would be charged N50.


What customers are saying over new charges?

Kayode Gabriel, a financial consultant, said, “I received the SMS notification from GTBank this morning, informing me that they’re increasing their SMS alert charges from N4 to N6 starting May 1. Honestly, it’s just another reminder of how everything keeps going up in this country—with no corresponding value or improvement in service.

“As someone who pays close attention to financial trends, I understand that the banks are trying to adjust to the rising costs driven by the new telecom tariffs and the general economic conditions. But still, it feels like customers are always bearing the brunt without being given sufficient alternatives or communication ahead of time.

“I’m already looking into banks or fintechs that offer free notifications through mobile apps or emails. At this point, we all need to be intentional about minimising avoidable charges.”

Shaba Victor, a resident of Akure, said, “Yes, the SMS alert fee used to be N4 and now GTBank says it’s going up to N6. Honestly, I’m not surprised. Once they increased the cost of calls and data recently, I knew it was only a matter of time before SMS charges would follow. It’s all connected.

“The thing is, these banks won’t miss any chance to push extra costs to the customers. Even if it’s just N2, when you add that across all your transactions in a month, it adds up. It may look small, but it makes a difference—especially now when everything is expensive.

“I don’t blame them completely though. The telecom operators increased their rates first, and the banks are only reacting. Still, it would have been better if they gave customers more options—like switching to app notifications or emails for free. Not everybody wants to keep paying for SMS they didn’t ask for.”

Another customer of a commercial bank lamented that given the consistency with which he carries out transactions on a daily basis, it means more money would be deducted as SMS alert charge.

“For instance, I was charged N1,148 as SMS alert fees for just one month. I received the notification yesterday. So going by the number of alerts I receive on a daily basis, it means I would be spending more on SMS alerts going forward. I will probably find a way around it,” he said.

Emmanuel Okon, another bank customer, said, “I just hope it would not take till eternity to immediately deactivate my SMS alert in any of the banks. I think this is the next step to take now to avoid this new increment.”


Stakeholders weigh in on new charges

In an interview with stakeholders, they acknowledged the rising cost of operation exacerbated by the country’s economy, however promising to slam telecom operators provided the increment does not match service delivery.

President, National Association of Telecom Subscribers, Deolu Ogunbanjo, said the banks’ SMS increment was borne out from the 50 per cent increment in telecom tariff.

He revealed that the increment to N6 could have been N5 if the proposed 35 per cent increment on telecom tariff was not jettisoned during the stakeholders’ engagement over tariff increase.


‘Banks should avoid sending debit, VAT messages separately’

“In February, NLC and some stakeholders, including the NATCOM, met with the Secretary to the Government of the Federation and we agreed on a 35% increase.

“So, in that wise, it should have been N5 for SMS, if it was a 35 per cent increase but unfortunately, they ignored our calls and then they have now started charging a 50 per cent increase,” he said.

He described the increment as unfortunate, urging the banks to reduce sending debit and Value Added Tax (VAT) alerts separately.

The National President of Association of Telephone Cable TV and Internet Subscribers of Nigeria (ATCIS), ATCIS-Nigeria, Prince Sina Bilesanmi, called for quality delivery, saying the increment was propelled by the 50 per cent increment on telecom tariff.

“You know the rate of the normal SMS has also increased, so I do not see any reason why banks should not increase their charges.

“But the question should be when they are charged, do they deliver based on the increased rate? ATCIS is in of the 50 per cent that applies to voice, data and SMS,” he said.


‘Customers have option of deactivating SMS alert’

A bank customer, Adegbaju Adeolu, said he has deactivated receiving SMS alerts.

“I am quite indifferent about it. I never liked the idea of being charged for transaction alerts and it is why I disabled it a long time ago and this is just to avoid these additional charges which constitute a burden on me,” he said.

Another commercial bank, Union, also reiterated in the message sent to customers that they have the option of deactivating SMS alerts.

The bank said, “Our Telecommunication Service Providers have recently reviewed their service rates applicable to SMS notifications upwards. Consequently, effective Thursday, 1 May 2025, your SMS Transaction Alert Fee will increase from Four Naira (N4.00) to Six Naira (N6.00) per message. Please note that alerts to international phone numbers are subject to higher charges.

“Transaction Alerts are essential as they help you monitor and control your activities in real time. We encourage you to retain your subscription to this service.

“If you would like to opt out of receiving Transaction Alerts via SMS, please update your preferences by completing the Transaction Alert form available on our website.”

Professor of Economics, Ndubisi Nwokoma, in a recent chat with our correspondent said the multiple charges imposed on banking transactions are limiting the trust Nigerians have with the financial institutions.

He said, “The charges on the bank are quite enormous and the returns are very little. Many people don’t want to use banks these days; some people prefer cash payment because any money for any transaction that takes place, the receiver actually gets less than the value,” he said.

https://dailytrust.com/bank-customers-weigh-options-over-hike-in-sms-alert-charges/

The builder of Lagos needs IGR for his frequent visits to , after taming the Atlantic Ocean he needs to tame Nigerian banks.

Why will I have a smart phone, and still subscribe for sms alert?

Una sha get money o

H

Milk the poor!!!

make una ride on!

A day cometh!

Use any of Opay, moniepoint or palmpay and save yourself the stress and extortion.

Nah dem sabi

Ordinarily, there doesn't seem to be much in it, government has to generate revenue in one way or the other.
But it trickles very little to the common man eventually, and does nothing to improve their welfare.
What is the purchasing power of the average Nigerian, to warrant excessive charges here and there with no respite in sight?

Happy weekend

Why is MTN allowed to do anyhow in this country,let them remove expiry date on all their data plans.

Just to opte out of sms alert, and replace with email notification. Lol

If you like use because of 2Naira extra bank SMS charge to move your money from a standard commercial bank to a fintech where only one person makes all the decisions simply because they told you that they don't take any charges...I pity your life!

You can always deactivate your sms alert by going to your bank. However you'll still get email alerts which for now is still free.

We should complain less cos the government doesn't care.

This is madness

Chai... They just want to finish Nigerians. Would it not be better if the banks introduced app notifications just like in some other countries? This way the app notifies you directly (for those who have the Bank apps) and it's free .... But we know that they won't because it's all about making more profit from poor Nigerian

Another Win for the likes of Opay, Palm-Pay & Moniepoint.

If one person own no spoil, another person own no fit better

Fintech straight....


Who still dey use Commercial bank for day to day transaction unless u wan use am apply for Loan...


If not it's just a waste of time the Fintechs are more reliable and no any how charges even better security...

This people want to finish the citizens patapata...na to dey keep money at a secret place away from bank is the best option ,banks are no longer safe ...because they will use deduction finish your money

Gunayo:
Use any of Opay, moniepoint or palmpay and save yourself the stress and extortion.

Or sterling bank

Lemme allow it run for 1 month. I will review in June whether to continue or opt out

Gunayo:
Use any of Opay, moniepoint or palmpay and save yourself the stress and extortion.

All transfer, credit receive via Opay above 10k will debit you 50 Naira while First bank is 26 Naira; Opay is milking people more than these commercial banks.

Banks can enable customers with mobile banking enable push notifications which will notify them of transactions on their as long as they have data, this is free!!
We dont get charged to send watz app messages

Banks have also intensified the exploitation of citizens

50% Increase in banks' sms charges.

Tomorrow the guys from the B-zone will start telling us how banks make trillions in 2025.

The FG will this anyway.

NLC has seen the consequences of their additional N40k minimum wage.

I use app

Teanealbull sha wan kill us for this country

Maobichek:


All transfer, credit receive via Opay above 10k will debit you 50 Naira while First bank is 26 Naira; Opay is milking people more than these commercial banks.

Can beat your chest that what you just said is correct 💯??

GTB and double texting

Na for social media all this talk go end

Toh

I think Nigerian banks are just unfair.

How do bank abroad run without imposing charges.

SMS alert should be optional. I know it is but it comes activated by default. Shouldn’t be.

Also app should be able to give you notifications when you any transactions occurs on your .

This is the simple thing to do.