FirstBank of Nigeria has increased its transaction alert fee from N4 to N6 per SMS, citing rising telecom service charges by network providers as the reason behind the decision. The bank made the announcement on Wednesday through a notice sent to customers, acknowledging the importance of staying informed about account activities while admitting that the adjustment may cause some discomfort.
According to the statement, “We understand that staying connected and informed about financial activity on your FirstBank account is crucial. Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”
The bank reassured its customers that it is working to manage the impact of the new fee while continuing to provide reliable financial services. Customers are encouraged to reach out through official channels for questions or concerns.
This change comes at a time when Nigerian banks are re-evaluating their cost structures in response to inflation and operational expenses, including escalating telecom tariffs. The N6 charge will apply for each SMS transaction alert received by account holders.
However, the increase has drawn criticism online, particularly on social media platform X (formerly Twitter), where users expressed frustration. One user, @Tonyvyncent, remarked, “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”
Another user, @ramblingdeborah, questioned the timing and implementation of the new fees: “ today these FirstBank people are collecting charges from May?!!”
Some customers, particularly in Abuja, have started exploring alternatives such as switching to email alerts to avoid incurring additional charges. This shift reflects a growing dissatisfaction with SMS alert fees, especially as other banks are reportedly eliminating similar charges in a bid to ease financial burdens on their customers.
While FirstBank moves forward with its fee adjustment, the backlash underscores the sensitivity of cost-related decisions in an economy where consumers are increasingly cost-conscious and inflation-weary.
