GTBank Announces 50% Hike in SMS Transaction Alert Fees Amid Rising Telecom Costs in Nigeria
Guaranty Trust Bank (GTBank) announced a significant adjustment to its SMS transaction alert fees, citing increased costs from telecommunications service providers. Effective Thursday, May 1, 2025, the bank will raise the charge per SMS alert from N4 to N6, representing a 50% increase. This change comes amidst widespread concerns over rising telecom costs in Nigeria, which GTBank linked directly to recent rate adjustments communicated by telecom operators.
In an official statement to customers, GTBank explained, “Please be informed that starting 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.” While the bank did not specify which telecom companies were involved or the timing of their rate notifications, it emphasized that the new charges are a direct response to external factors affecting telecom costs.
The bank underscored the importance of SMS alerts in maintaining account security and monitoring account activities. These real-time notifications enable customers to stay informed of transactions and quickly detect any unauthorized or suspicious activities. Despite the fee increase, GTBank reassured customers that they have the option to opt out of receiving SMS alerts if they prefer not to. Customers wishing to do so can complete the transaction alert form available on the bank’s website and send it to [email protected].
Understanding the broader context, telecom operators in Nigeria including MTN, Airtel, Globacom, and 9mobile have faced mounting financial pressures due to rising energy costs, the depreciation of the naira, and frequent disruptions to fibre-optic infrastructure. These challenges have made importing necessary infrastructure more expensive, contributing to increased operational costs for telecom providers. Notably, despite these financial strains, telecom tariffs in Nigeria had remained unchanged for over ten years until recent adjustments.
In response to the escalating costs, telecom companies petitioned the Nigerian Communications Commission (NCC) for a 100% increase in tariffs. The NCC approved a more moderate increase of 50%, aiming to strike a balance between sustaining telecom operators and keeping services affordable for consumers. This adjustment has led to noticeable rises in telecom charges, including SMS and data plans. For example, MTN’s monthly data plans have seen significant hikes: the 1.8GB plan increased from N1,000 to N1,500, while the 20GB plan rose from N5,500 to N7,500.
The recent tariff hikes reflect the ongoing financial adjustments within Nigeria’s telecom sector, driven by economic pressures and infrastructural challenges. As these costs continue to impact service providers, consumers and banking institutions like GTBank are adjusting their pricing models accordingly, highlighting the interconnected nature of telecommunications and financial services in the country.
Join our Channel...