As of May 1, 2025, Nigerian banks have increased the fee for SMS transaction alerts from ₦4 to ₦6 per message, marking a 50% hike. This adjustment follows a review of telecommunications service charges approved by the federal government.
Background and Regulatory Context
In 2017, the Central Bank of Nigeria (CBN) capped SMS alert fees at ₦4 per message, aiming to enhance transparency and protect consumers. However, the recent increase reflects changes in telecom service pricing, which banks cite as the reason for the adjustment.
Impact on Consumers
The fee increase has sparked reactions among Nigerians, many of whom already face various banking and network service charges. Customers using international phone numbers may experience higher charges for alerts. Banks have informed customers that SMS alerts help monitor account activities, but those who prefer to stop receiving them can opt for email notifications or manage their alert preferences through the bank's website.
Conclusion
The increase in SMS alert fees underscores the need for consumers to stay informed about changes in banking charges and to explore alternative notification methods to manage costs effectively.
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