Customers react as banks hike SMS alert fees
Customers and stakeholders yesterday expressed concerns over commercial banks’ SMS transaction alert charge increment, further compounding their woes on the multiple charges.
The banks on Wednesday made the announcement of the increment vía messages sent to their respective customers, taking effect from Thursday, May 1, 2025.
“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 message read.
Read also: Amidst hardship, inflation, bank announces higher SMS charges
Daily Trust’s finding showed that the increment came on the heels of the approved 50 per cent increment by the federal government on telecommunications service providers to increase their tariffs across board.
Already, Nigerian banks impose various charges on their customers, including transfer fees, account maintenance fees, SMS alert fees, ATM withdrawal fees, and levies like the cybersecurity levy.
For instance, if a customer is sending money to another person using a different bank, this attracts three charges including the transfer fees or commission, Value Added Tax (VAT) on the transfer as well as an SMS charge. Then if the transfer is N10,000 or more, the receiving account is also charged N50 as electronic money transfer levy.
Many Nigerians migrated to fintechs to avoid some charges imposed by the deposit money banks until recently when the federal government implemented the EMTL charge on fintechs which means that any transfer from N10,000 and above, the receiving account would be charged N50.
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