Starting May 1, 2025, Nigerian bank customers will pay N6 per SMS transaction alert, up from N4, due to recent telecom rate hikes approved by the federal government. Several banks, including Guaranty Trust Bank, have notified customers of this change.
Impact on Customers include:
- Increased costs for bank customers, potentially affecting low-income earners and individuals with limited financial resources
- Additional charges for international SMS alerts, which may impact Nigerians living abroad or conducting international transactions
- Potential impact on financial inclusion and digital access, as increased costs may deter some individuals from using digital banking services
The bank's notice explains that the increase is a direct result of higher charges from telecom providers. Despite the hike, the bank emphasizes the importance of SMS alerts for customers to monitor their account activities. However, additional charges will apply for SMS alerts sent to international phone numbers.
This adjustment reflects broader concerns over rising living costs and digital access in Nigeria. The 50% increase in SMS alert fees is expected to impact millions of bank customers nationwide.
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