Commercial banks will from today May 1, 2025, begin to charge customers 50% extra on SMS alert for every transaction. With this development, a customer will pay N6 instead of N4 SMS alert charge.
In a recent announcement to its numerous customers, Guaranty Trust Bank (GTB) explained that the adjustment was due to a recent increase in telecommunication rates by service providers.
It is important to note that in January, telecom operators received approval from the Federal Government, via the Nigerian Communications Commission (NCC), to raise the rates for voice, data, and SMS services by 50 percent, which subsequently led to higher prices for telephony services across the nation.
While telecom companies contended that the 50 percent increase sanctioned by the NCC was essential for the sustainability of their operations, given that the last increase occurred 11 years ago, consumers have expressed significant dissatisfaction, highlighting the financial strain caused by these rising costs.
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The SMS alert system allows customers to receive real-time notifications of activities on their accounts, helping them monitor for any unauthorized or suspicious transactions.
Customers who no longer wish to receive transaction notifications via SMS are allowed to opt out.
