Business
Anger As Banks Hike SMS Alert Fees
By Benjamin Abioye
Nigerian commercial banks are increasing SMS transaction alert fees from ₦4 to ₦6 per message starting May 1, 2025, due to new telecom rates approved by the government, sparking public backlash.
Nigerian commercial banks have raised their SMS transaction alert fee from ₦4 to ₦6 per message starting Thursday, May 1, 2025.
This change was communicated to customers via messages sent on Wednesday morning.
According to the banks, the increase is due to higher telecom rates recently introduced by network providers, following federal government approval for a general adjustment in tariffs across the telecom sector. They also noted that SMS alerts sent to international numbers will attract even higher charges.
In a notice to customers, one bank explained:
“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 bank further advised customers on how to manage their preferences:
“If you prefer not to receive transaction alerts via SMS, you can update your preferences by completing the transaction alert form on our website.”
The announcement sparked a wave of backlash online, with many Nigerians expressing anger over the rising cost of banking services.
@EdorheJones wrote, “I stopped using SMS alert many years ago. Just did email alert. Saves me money.”
@its_tolu00 asked, “How can we opt out from receiving SMS alerts?”
Calling the move “outrageous,” @olanre_joseph joined many others in voicing disappointment. @GO_DW_IN_ suggested a solution: “It’s high time local businesses here start accepting crypto.”
@Olayemmyy pleaded with his bank, “I’m begging you in the name of God, pls don’t try this with me…”
Another user, @Trippiboi, raised concern about the wider impact: “But are we supposed to look for ways to deactivate or look for ways to fight this corruption… This is getting out of hand.”
@KBeyioku criticized the banks’ priorities: “Nothing kuku concerns them with actually banking. Just sit back, milk your customers dry with charges and declare trillions in profits EoY.”
Some even linked the policy change to broader economic frustrations. @SmartChris2023 commented, “Tinubu is succeeding in fleecing Nigerians in the name of collecting taxes.”
The hike in SMS charges has clearly struck a nerve, deepening public frustration over the growing cost of financial services in the country.
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