Nigerian banks raise transaction alert fee to N6

Nigerian commercial banks have increased their alert fees to N6 per transaction, a nearly 40% hike. This change began yesterday, May 1, 2025

[dropcap]C[/dropcap]ommercial banks across Nigeria began collecting a new fee of N6 per transaction alert yesterday, May 1, 2025. This represents an almost 40 per cent increase on the previous charge of N4.

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The banks had previously informed their customers of the new rate via messages sent out since last Wednesday. According to the financial institutions, the increase stems from a recent rise in telecom rates as communicated by the telecommunication service providers.

This move follows the Federal Government’s earlier approval for telecommunication service providers to increase their tariffs across the board.

An email sent to customers by Guaranty Trust Bank Limited, titled “Increase in SMS Transaction Alert fee,” stated

“Dear Valued Customer, 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.”

The bank’s message also emphasised the importance of transaction alerts for customers to monitor and control activities on their accounts.

It advised customers who prefer not to receive SMS alerts that they could update their preferences by completing the transaction alert form available on the bank’s website.

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The bank also noted that SMS alerts sent to international phone numbers would incur higher charges.