GTBank raises SMS alert fee to N6, citing telecom tariff hike

Guaranty Trust Bank (GTBank) has announced a 50% increase in its SMS transaction alert fee, raising the cost from N4 to N6 per message. The new rate takes effect on Thursday, May 1, 2025, and applies to all customers who receive transaction notifications via SMS.

The bank attributes the fee hike to recent increases in telecommunication service rates. In a notice to customers, GTBank explained, “This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers”.

Telecom operators in Nigeria-including MTN, Airtel, Globacom, and 9mobile-have faced mounting financial pressures in recent years. Rising energy costs, the depreciation of the naira, and frequent disruptions to fibre-optic infrastructure have driven operational expenses higher. Despite these challenges, telecom tariffs remained largely unchanged for over a decade.

Earlier this year, telecom operators petitioned the Nigerian Communications Commission (NCC) for a 100% tariff hike. The NCC ultimately approved a 50% increase, which has now led to higher SMS and data charges across the industry. For example, MTN’s 1.8GB monthly data plan jumped from N1,000 to N1,500, while the 20GB plan rose from N5,500 to N7,500.

Banks, including GTBank and Ecobank, are now passing these increased costs on to customers by raising SMS alert fees.

GTBank emphasized the importance of SMS transaction alerts as a key tool for monitoring account activity and enhancing security. Real-time notifications help customers detect unauthorized or suspicious transactions quickly. However, the bank also acknowledged customer concerns about rising costs and offered an opt-out option for those who wish to avoid the new fee. Customers can stop receiving SMS alerts by completing a transaction alert form and sending it to gtbankmailsupport@gtbank.com.

The fee hike comes at a time when many Nigerians are already grappling with rising living costs. While banks and telecom operators argue that the increases are necessary for operational sustainability, customers have expressed frustration, especially as network quality and service reliability remain ongoing concerns.

Regulators, including the NCC and the Federal Competition and Consumer Protection Commission (FCCPC), have called on telecom operators to improve service quality in exchange for the higher tariffs. Consumer advocacy groups continue to push for greater accountability and transparency in the sector.