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Banks Increase Cost Of SMS Alerts By 50%, Blame TELCO’s Tariff Hike - Business - Nairaland 2d4n35

Banks Increase Cost Of SMS Alerts By 50%, Blame TELCO’s Tariff Hike (6507 Views)

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MCentral: 7:16am On May 02
Nigerian Banks have begun to increase the cost of SMS transaction alerts to customers by up to 50%, which they are blaming on tariff hike by telecommunications firms.

Fidelity Bank in a message sent to customers seen by MoneyCentral, said the adjustment is necessary to ensure it continues delivering secure, timely, and reliable transaction notifications to customers.

“Please be informed that due to an industry-wide increase in SMS costs by telecommunications providers, the charges for SMS transaction alerts have been revised from ₦4 to ₦6 per SMS effective today, May 1, 2025,” Fidelity Bank said.

“We assure you that Fidelity Bank will continue to provide value-added services and innovative solutions to enhance your banking experience.”

Fidelity Bank added that SMS alerts sent to international phone numbers may attract higher charges. Transaction alerts are important and help bank customers keep track of and reduce fraud and unauthorized debits, as well as monitor other activities on their s.

The increase from N4 per SMS to N6 per SMS is equivalent to a 50 percent hike by the banks.

The Nigerian government raised telecommunications tariffs by 50% this year to offset the impact of the collapse in the naira and surging inflation.

The tariff increase — the first in more than a decade — was half of what companies such as MTN had asked for to weather harsh economic conditions, including a 41% depreciation in the naira against the dollar last year and inflation running near a three-decade high.

“We commenced phased implementation of the new tariff structure in mid-February 2025 across our data and voice bundles, with the majority of adjustments taking effect in March,” MTN Nigeria CEO Karl Toriola said in notes accompanying its First Quarter (Q1) 2025 earnings.

Guaranty Trust Holding Company (GTCO) major banking subsidiary GTBank also sent out notices to customers informing them about the SMS alert cost increase.

“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,” GTBank said.
https://moneycentral.com.ng/companies/article/banks-increase-cost-of-sms-alerts-by-50-blame-telcos-tariff-hike/

1 Like

spontan: 7:21am On May 02
Hmm
Galaticos444: 7:22am On May 02
Tinubueconomics is government of tax by tax and for tax.i heard they have imposed new tariff for dead bodies in d mortuary, even d dead aren't exempted from Tinubueconomics

23 Likes 1 Share

Antiurchins: 7:22am On May 02
I'm an Igbo man, but truth be told.
Tinubu won't lose 2027 election.

First of all, he has never lost any political election since he was born and he will most likely not lose 2027.
He is a genius of Nigerian politics and knows how to gain the of people, he is also among the richest Nigerian politician still living right now and even richer than Atiku Abubakkar. He will use his money to buy his way again.
He has the power of incumbency and won't be as weak as GEJ not to use it to his favour.
I can bet it that he will most likely not lose the election.
You guys made the mistake of allowing him there, now you guys have to wait for 8yrs

11 Likes 1 Share

sonsomegrigbo: 7:22am On May 02
Surely poor man go still breathe









I am proud to be a flat skull (olórí pẹlẹbẹ)
nairalee(m): 7:23am On May 02
Telco
royalguy123(m): 7:23am On May 02
Nothing new
We will always overcome ijn

1 Like

iLoveYouToo(m): 7:23am On May 02
Firms declaring massive profit here and there while the masses languish.

The magnitude of price hikes aren’t justified. We’re being ripped off big time

Last year they all queued claiming share holders funds had been wiped out this years is their biggest profits ever. One day na one day

35 Likes

zadokchidi: 7:23am On May 02
Tinubu is the best president.

1 Like 1 Share

bid4rich(m): 7:23am On May 02
I don't know why they always wait for a day like this before they start their implementation. Is it always to shock Nigerians with bad news on a day like ni or there is something else behind it.

If it's not January 1st it will be June 12 or October 1st etc

Why not any other day neutral date

3 Likes

LibertyRep: 7:23am On May 02
The ripple effect of that increase in the TELCO services.

You can't even drink water and drop cup with data and airtime nowadays.

How can a govt be aloof while these service providers slam citizens with charges here and there?

...or it's an active conniance.

8 Likes 1 Share

anonimi: 7:24am On May 02
MCentral:

https://moneycentral.com.ng/companies/article/banks-increase-cost-of-sms-alerts-by-50-blame-telcos-tariff-hike/

Is this how ebilokan is crashing inflation after crashing petrol price as he promised before he was allowed to hit the ground running two years ago

26 Likes 3 Shares

Whichway556: 7:25am On May 02

1 Like

Jokerman(m): 7:26am On May 02
Why is everything just increasing in price and cost on this country under Tinubu sef at astronomical rates?

1 Like

bluefilm: 7:26am On May 02
I stand with Opay

Come rain

Come sunshine

10 Likes 1 Share

Bobbyjay001(m): 7:27am On May 02
Antiurchins:
I'm an Igbo man, but truth be told.
Tinubu won't lose 2027 election.

First of all, he has never lost any political election since he was born and he will most likely not lose 2027.
He is a genius of Nigerian politics and knows how to gain the of people, he is also among the richest Nigerian politician still living right now and even richer than Atiku Abubakkar. He will use his money to buy his way again.
He has the power of incumbency and won't be as weak as GEJ not to use it to his favour.
I can bet it that he will most likely not lose the election.
You guys made the mistake of allowing him there, now you guys have to wait for 8yrs

He'll lose at the polls but most likely rig the election

1 Like

Acidosis(m): 7:28am On May 02
How do we deactivate SMS alerts from banks without walking into a physical branch, please? I feel like most bank apps, especially this GTB app are useless. Basic things like this should be possible at the click of a button.

I need to deactivate this f vc ke ry ASAP.

7 Likes

Bobbyjay001(m): 7:29am On May 02
bluefilm:
I stand with Opay

Come rain

Come sunshine

This also applies to Opay

2 Likes

femi4: 7:30am On May 02
Bunch of thieves

1 Like

lexy2014: 7:30am On May 02
Antiurchins:
I'm an Igbo man, but truth be told.
Tinubu won't lose 2027 election.

First of all, he has never lost any political election since he was born and he will most likely not lose 2027.
He is a genius of Nigerian politics and knows how to gain the of people, he is also among the richest Nigerian politician still living right now and even richer than Atiku Abubakkar. He will use his money to buy his way again.
He has the power of incumbency and won't be as weak as GEJ not to use it to his favour.
I can bet it that he will most likely not lose the election.
You guys made the mistake of allowing him there, now you guys have to wait for 8yrs

How is this related to banks increasing cost of sms?

3 Likes

Houseontherock1: 7:31am On May 02
undecided
Dyfynezz12(m): 7:32am On May 02
Antiurchins:
I'm an Igbo man, but truth be told.
Tinubu won't lose 2027 election.

First of all, he has never lost any political election since he was born and he will most likely not lose 2027.
He is a genius of Nigerian politics and knows how to gain the of people, he is also among the richest Nigerian politician still living right now and even richer than Atiku Abubakkar. He will use his money to buy his way again.
He has the power of incumbency and won't be as weak as GEJ not to use it to his favour.
I can bet it that he will most likely not lose the election.
You guys made the mistake of allowing him there, now you guys have to wait for 8yrs
Everyone knows this naw,even the opposition.
Tinubu is a master politician
b0rn2fuck(m): 7:32am On May 02
This hardship keep getting to another level, person wey vote this man will see the reason why he pocketed Lagos, after starving them, he made them to worship him, he is doing the same to national level, that's why people rushing to the party to saves themselves from starvation, by the time hunger reach another level, una go become his slave by force ..na person wey chop belleful go get strength to fight back ..Fubara go APC , no one wan to die of hunger, Baba sabbi the games. Starve them , stock the wealth and be feeding them small small like Dogs

1 Like 1 Share

arantess: 7:32am On May 02
MCentral:

https://moneycentral.com.ng/companies/article/banks-increase-cost-of-sms-alerts-by-50-blame-telcos-tariff-hike/
Month end they will post profit of 1trillion naira and zombies will be rejoicing that nigeria economy is booming.

1 Like

Kajaard: 7:35am On May 02
Antiurchins:
I'm an Igbo man, but truth be told.
Tinubu won't lose 2027 election.

First of all, he has never lost any political election since he was born and he will most likely not lose 2027.
He is a genius of Nigerian politics and knows how to gain the of people, he is also among the richest Nigerian politician still living right now and even richer than Atiku Abubakkar. He will use his money to buy his way again.
He has the power of incumbency and won't be as weak as GEJ not to use it to his favour.
I can bet it that he will most likely not lose the election.
You guys made the mistake of allowing him there, now you guys have to wait for 8yrs

Very true 💯
ReubenE(m): 7:35am On May 02
Antiurchins:
I'm an Igbo man, but truth be told.
Tinubu won't lose 2027 election.

First of all, he has never lost any political election since he was born and he will most likely not lose 2027.
He is a genius of Nigerian politics and knows how to gain the of people, he is also among the richest Nigerian politician still living right now and even richer than Atiku Abubakkar. He will use his money to buy his way again.
He has the power of incumbency and won't be as weak as GEJ not to use it to his favour.
I can bet it that he will most likely not lose the election.
You guys made the mistake of allowing him there, now you guys have to wait for 8yrs
What does the bold got to do with the report or whatever you are saying

4 Likes

arantess: 7:35am On May 02
Antiurchins:
I'm an Igbo man, but truth be told.
Tinubu won't lose 2027 election.

First of all, he has never lost any political election since he was born and he will most likely not lose 2027.
He is a genius of Nigerian politics and knows how to gain the of people, he is also among the richest Nigerian politician still living right now and even richer than Atiku Abubakkar. He will use his money to buy his way again.
He has the power of incumbency and won't be as weak as GEJ not to use it to his favour.
I can bet it that he will most likely not lose the election.
You guys made the mistake of allowing him there, now you guys have to wait for 8yrs
Abi you don't know how to stay on topic?

1 Like

Antichristian2: 7:36am On May 02
grin

Our Obidient minister is working hard!

I informed the bank of my decision to remove SMS alert from my bank package. They gave me a form to fill which includes the details and particulars of another person. And the person must come with you to the bank. I was so lucky I saw a colleague in the bank. Na so he followed me o!

Just to remove SMS o!

At last it was removed. I mean my phone number was removed from their system memory. Even their AI BOT doesn't recognise my number again
lipsrsealed
Houseontherock1: 7:37am On May 02
I'm not even sure they were charging N4 before now undecided
lionshare: 7:37am On May 02
Is it possible to opt out of this service? There is the option of email which is free.

1 Like

Kobicove(m): 7:37am On May 02
Forget about whether banks increased charges or not, just work towards increasing your income so you can comfortably bear the increment! undecided

3 Likes

jayAjoku(m): 7:38am On May 02
nigerian banks dont know any other means of making money that does not involve stealing from their customers, and a lot of the customers praise the banks for stealing from them especially the ones that are fans of tony elumelu,

1 Like

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