Banks Increase SMS Alert Charges: What you need to know

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Deposit Money Banks (DMBs) will start charging N6 for SMS transaction alerts, up from N4, effective May 1. Guaranty Trust Bank (GTB) announced the change in a notice to its customers, citing a recent increase in telecommunication rates by service providers.

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The Nigerian Communications Commission (NCC) had approved a 50% hike in rates for voice, data, and SMS services in January, leading to increased prices for telephony services. GTB stated, “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.

The bank attributed the adjustment to the recent increase in telecom rates, noting that “This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers.” GTB emphasised the importance of transaction alerts, saying, “Transaction alerts are important and help you keep track and stay in control of activities on your account.”

Customers who prefer not to receive SMS alerts can update their preferences by completing a transaction alert form on the bank’s website and sending it to gtbankmailsupport@gtbank.com. This change follows the telecom operators’ argument that the 50% hike was necessary to sustain their businesses after an 11-year period without a rate increase.

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