Guaranty Trust Bank (GTBank) will increase its SMS transaction alert fee by 50 percent, from N4 to N6 per message, starting Thursday, May 1, 2025. The bank attributed the adjustment to the recent hike in telecom service rates.
In a message to customers, GTBank stated that the fee change stems from adjustments in telecom charges communicated by network providers. Although the bank did not name specific telecom companies or when the changes took effect, it emphasized that the increase is driven by external telecom cost pressures.
The bank also underscored the role of SMS transaction alerts in helping customers monitor their accounts and detect unauthorized activities. Customers who wish to opt out of receiving SMS alerts can do so by submitting a transaction alert form on GTBank’s website and sending it to their support email.
The broader context behind the fee hike lies in financial strains affecting Nigeria’s telecom operators. Companies like MTN, Airtel, Globacom, and 9mobile have been hit hard by rising energy costs, naira depreciation, and repeated damage to fiber-optic cables, all of which have increased their operational expenses.
Despite keeping tariffs largely unchanged for over a decade, telecom operators recently petitioned the Nigerian Communications Commission (NCC) for a 100 percent tariff increase. The NCC approved a 50 percent rise instead, aiming to strike a balance between industry sustainability and affordability for consumers.
This regulatory approval has led to price hikes across telecom services. SMS fees have jumped from N4 to N6, while data plans have also become more expensive. For instance, MTN’s 1.8GB monthly plan rose from N1,000 to N1,500, and the 20GB plan now costs N7,500, up from N5,500.
