Nigerian Bank Customers to Pay More Starting May 1

 

Starting Thursday, May 1, 2025, Nigerian bank customers will face higher costs for staying updated on their account activities, as SMS transaction alert fees are set to rise from ₦4 to ₦6 per message a 50% increase.

The hike follows a recent federal government approval of higher telecom service rates, prompting banks to adjust their charges in response. Several financial institutions, including Guaranty Trust Bank (GTBank), have already issued notifications to customers, urging them to brace for the new fees.

In a customer email titled "Increase in SMS Transaction Alert Fee," GTBank stated:

"Effective 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 telecommunication service providers."

While SMS alerts may seem like a small convenience, banks continue to emphasize their importance in helping customers keep track of their finances, detect suspicious activity, and manage spending habits. However, for customers using international phone numbers, the cost will be even higher, as additional fees apply.

This move arrives amid growing public frustration over rising living expenses, inflation, and increased digital access costs in Nigeria making many wonder how much longer everyday Nigerians can keep up.

As fees rise and digital transactions become more central to daily life, some customers may begin considering alternate options like mobile banking apps or email notifications to avoid accumulating SMS costs.