Banks Hike SMS Alert Charges to N6 Following Telecom Tariff Increase
Starting today, May 1, several Nigerian banks, including GTBank and Ecobank, have increased their SMS alert charges by 50%, raising the fee to N6 per message. GTBank’s alert fee rose from N4 to N6, while Ecobank adjusted its rate from N5 to N6, citing revised telecom tariffs as the reason for the hike.
The change follows the Nigerian Communications Commission’s (NCC) approval of a 50% increase in end-user telecom tariffs, which has impacted data, voice, and SMS services. GTBank emphasized that SMS alerts remain critical for account monitoring and security, but customers may opt out by switching to free email alerts or updating their preferences online.
Telecom companies, facing rising operational costs, naira depreciation, and infrastructure challenges, had previously petitioned the NCC for a 100% tariff increase. Though the NCC approved a smaller hike, the resulting changes are now being felt across sectors, including banking services. Data plans have also seen significant price jumps, with MTN’s 1.8GB plan moving from N1,000 to N1,500 and the 20GB plan from N5,500 to N7,500.
