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FirstBank of Nigeria has announced an increase in its transaction alert fee, raising the charge from N4 to N6 per SMS. The bank cited the recent hike in telecom service costs by network providers as the reason for the adjustment.

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In a notice to customers, FirstBank stated, “We understand that staying connected and informed about financial activity on your FirstBank account is crucial. Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”

The bank acknowledged that the change might cause some inconvenience to customers but assured them that efforts are being made to minimise the impact while maintaining service quality. “We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the bank added.

FirstBank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels. The new SMS fee will apply per transaction alert received by customers.

However, the move has been met with criticism from some customers on social media. One user, @Tonyvyncent, wrote, “FirstBankngr, have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”

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Another user, @ramblingdeborah, questioned the timing of the fee increase, asking, “It’s today these FirstBank people are collecting charges from May?!!”

The adjustment comes as banks review their cost structures in response to increased operating expenses, including rising telecom tariffs and inflationary pressures

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