Commercial banks in Nigeria today began the collection of the new N6 fee per alert on transaction. This is almost a 40 percent increase on the previous fee of N4.
The banks had earlier sent messages to their customers since last Wednesday to inform them of the new rate.
According to the banks, the increase was due to a recent increase in telecom rates as communicated by the telecommunication service providers.
Recall that the federal government had given the telecommunications service providers a nod to increase their tariffs across the board.
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.”