Guaranty Trust Bank (GTBank) has announced a 50% increase in its SMS transaction alert fee from N4 to N6 per message, citing changes in telecom service rates.
The adjustment will take effect on Thursday, May 1, 2025.
In a message to customers, the bank said the increase is due to the recent increase in telecom rates as communicated by the telecommunication service providers.
“Please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” they noted.
While the bank did not specify the exact telecoms involved or when the rate changes were communicated, it clearly tied the new charges to external telecom cost adjustments.
Importance of SMS alerts
GTBank noted the importance of SMS transaction alerts for monitoring account activities and enhancing security, while also offering customers the option to opt out if preferred.
“Kindly note that transaction alerts are important and help you keep track and stay in control of activities on your account,” the bank said.
The SMS alert system allows customers to receive real-time notifications of activities on their accounts, helping them monitor for any unauthorized or suspicious transactions.
Customers who no longer wish to receive transaction notifications via SMS are allowed to opt out.
“If you prefer not to receive transaction alerts via SMS, you can update your preferences by completing the transaction alert form on our website and sending it to [email protected],” the notification read.
What you should know
Telecom operators in Nigeria, such as MTN, Airtel, Globacom, and 9mobile, have faced financial pressures due to rising energy costs, the depreciation of the naira, which has made importing infrastructure more expensive. Additionally, frequent disruptions to fibre-optic cables have led to substantial losses.
- Despite these financial strains, telecom tariffs in Nigeria had remained unchanged for over a decade.
- In response to these rising costs, telecom operators petitioned the Nigerian Communications Commission (NCC) for a 100% increase in tariffs. However, the NCC approved a more moderate 50% hike, aimed at balancing the financial sustainability of the operators with consumer affordability.
The approved 50% increase has had a noticeable impact on telecom pricing. For example, SMS charges have risen from N4 to N6 per message. In addition, data plans have also seen significant price hikes. MTN’s 1.8GB monthly plan, for instance, increased from N1,000 to N1,500, while the 20GB plan saw a rise from N5,500 to N7,500.
