Banks Increase Charges by 50%, Now N6 per SMS

Various banks have sent emails to their customers to inform them of the new rate of N6 for every SMS transaction with effect from today.

These banks will commence implementation of charges for alerts and other short messages (SMS) communications starting Thursday, May 1st, 2025.

This is coming on the heels of the increase in telecommunications rates by telecommunication providers following a nod by the Federal Government.

The SMS charges were increased by 50% to N6 from the previous N4 per message.

For instance, an email from Guaranty Trust Bank Limited with the heading “Increase in SMS Transaction Alert fee” read: “Dear Valued Customer, Please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message. “This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers.

“Kindly note that transaction alerts are important and help you keep track and stay in control of activities on your account.

“If you prefer not to receive transaction alerts via SMS, you can update your preferences by completing the transaction alert form on our website.

“SMS alerts to international phone numbers are subject to higher charges.”