FCMB joins GTBank, others to hike SMS transaction alert charges to N6

FCMB has joined Guaranty Trust Bank (GTBank), other banks to increase Short Message Service (SMS) transaction alert charges to N6 from N4.

The lender in a message to customers said, “We wish to inform you that the fee for SMS transaction alerts has been adjusted from N4 to N6 per SMS. The change is coming due to an industry-wide increase in SMS costs by Telecoms operators.

“While we understand that the increase may bear some inconvenience, receiving SMS transaction alerts remain one of the most effective ways to monitor your account, stay informed of every transaction, and take immediate action in the event of any suspicious activity.

“Your security remains our top priority and we are committed to providing you with the best financial options.”

GTBank, the banking subsidiary of Guaranty Trust Holding Company Plc (GTCO) had also announced a 50 per cent 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.

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.

Related