Nigerian Banks Increase SMS Alert Fees to ₦6: What Customers Need to Know
Nigerian commercial banks have sparked widespread frustration by raising SMS transaction alert charges from ₦4 to ₦6 per message, effective May 1, 2025. The hike, blamed on telecom tariff increases approved by the federal government, adds to the growing list of fees burdening customers—from transfer costs to cybersecurity levies.
Why Are Banks Raising SMS Alert Charges?
In messages sent to customers, banks cited “recent telecom rate hikes” as the reason for the adjustment. The move follows a 50% tariff increase imposed on telecom providers, which has cascaded into banking operations.
Example of a Bank’s Notification:
*“Dear Customer, effective May 1, 2025, SMS alert fees rise to ₦6/message due to telecom rate adjustments. You may opt out via our website.”*
Customer Outcry: “Everything Keeps Going Up!”
Nigerians took to social media and interviews to voice their frustrations:
- Kayode Gabriel (Financial Consultant):
“This is another cost passed to customers without service improvements. I’m exploring banks with free app notifications.” - Shaba Victor (Akure Resident):
“Even ₦2 adds up! Banks should offer free email alerts instead.” - Anonymous Customer:
“I paid ₦1,148 in SMS fees last month. With this hike, I’ll deactivate alerts entirely.”
Many customers, like Emmanuel Okon, plan to disable SMS alerts to avoid fees. Banks like Union Bank have reminded clients they can opt out online, though they warn against losing real-time transaction monitoring.
Stakeholders React: Balancing Costs and Fairness
- Deolu Ogunbanjo (NATCOM President):
*“Banks should merge debit/VAT alerts to reduce messages. The 50% telecom hike forced this increase.”* - Prince Sina Bilesanmi (ATCIS-Nigeria):
“Telecom rates rose, so banks had no choice. But service quality must improve too.” - Prof. Ndubisi Nwokoma (Economist):
“Excessive charges erode trust. Many now prefer cash to avoid losing value to fees.”
The Bigger Picture: Nigeria’s Mounting Banking Fees
A single interbank transfer attracts multiple charges:
- Transfer fee + VAT
- SMS alert (₦6)
- ₦50 Electronic Money Transfer Levy (EMTL) for transactions ≥₦10,000
Fintechs, once a refuge from traditional bank fees, now also apply EMTL, narrowing cost advantages.
How to Avoid SMS Alert Charges
- Opt Out: Use your bank’s app or website to disable SMS alerts.
- Switch to App/Email Notifications: Most banks offer free alternatives.
- Compare Banks: Some institutions may delay fee hikes or offer better terms.
CTA: Tired of hidden bank fees? Subscribe here for tips to manage your finances smarter and cut unnecessary costs.
Final Takeaway
While banks attribute the hike to telecom costs, customers feel squeezed by relentless fee increases. As more Nigerians explore alternatives—from fintech apps to cash transactions—the pressure mounts for banks to balance profitability with fairness.
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