Guaranty Trust Bank will from 1 May begin charging N6 for each SMS transaction alert, up from the current N4, marking a 50 per cent increase in the fee.
In a Wednesday notice to customers, the bank said the adjustment was “due to a recent increase in telecom rates as communicated by the telecommunication service providers.”
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GTBank added that customers who prefer not to receive SMS alerts can opt out via its online banking platform, though it encouraged continued use of the service to monitor account activity.
“If you prefer not to receive transaction alerts via SMS, you can update your preferences by completing the transaction alert form on our website and sending it to [email protected] ,” GTB said.
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The revised charge follows the Nigerian Communications Commission’s (NCC) approval of an upward review of telecom tariffs in January 2025. That review allowed mobile network operators to increase prices for services such as bulk SMS, which banks rely on to notify customers of account transactions.
At the time, the NCC said the review was necessary to reflect the current economic realities and ensure continued quality of service.
Customers seeking more information were advised to contact the bank’s customer service channels.
While other banks may follow, none have issued any notice to its customers as of today.
Customer reactions
On X (formerly Twitter), many users have expressed frustrations about the hike.
“When other banks are making efforts to improve in their services so as to serve their customers better, @gtbank is busy increasing sms alert charges from 4 Naira to 6 Naira,” Mayor said.
Akanbi Said wrote “GTBank is increasing SMS alert fees from N4 to N6.You take my money, trade with it, make billions, then charge me to notify me that you’re using my money?
“Do tailors charge customers for notifying them that clothes are ready? Do mechanics add airtime costs to your bill? Why am I paying your telecom bill? Start-ups and SMEs are struggling, while banks are making billions. I blame our leaders too.
#BankingInNigeria.”
@Thoyin wrote: “GTBank has increased the SMS alert fee from N4 to N6 per SMS.
Thank God GTB is not my main account. This feels like theft under the guise of an SMS alert.”
Another user, Dewa, raised a concern about receiving multiple alerts. She said while she has no issue with the SMS charge increase, she is bothered by GTBank sending multiple SMS and emails for a single transaction. She receives a minimum of three SMS alerts for one transaction and suggested that these should be consolidated into one SMS.
Some users asked the bank for an easy way to disable SMS alerts.
Alternatives
To avoid the higher SMS charge, GTBank customers can switch to free alerts via email or activate notifications through the mobile app.
Both options provide real-time updates at no extra cost.
In separate phone interviews with PREMIUM TIMES on Wednesday, two GTBank customers shared how they manage their alerts.
Ijeoma Martha, a trader in Abuja, said she turned off SMS alerts a year ago.
“I use email and app notifications instead. They work just as well and don’t cost anything.”
Musa Damaturu, also a trader in Abuja is also in line with Mrs Martha.
“I cant be working and someone will be pinching my hard earned money. Do you know how much it will amount to at the end of a month?
“I use email for large transactions and check the app for others. SMS is only for emergencies when there’s network trouble,” he said.
Burdensome bank charges
The hike in SMS alert costs goes to effect at a time many Nigerians are groaning under the burden of countless bank charges.
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Ealier this month, PREMIUM TIMES reported how Nigerians continue to bear the burden of rising and often opaque bank charges that quietly chip away at their savings.
From SMS alert fees and card maintenance deductions to transfer levies and point-of-sale surcharges, customers routinely lose money with each transaction. While banks defend the charges as standard practice, many users say they are not adequately informed, further deepening public mistrust in the financial system.
Each of these fees may seem small, they add up over time and affect low-income earners the most. Many people say they do not get clear information about these deductions, which makes them lose trust in the banking system. Some have started avoiding banks altogether to escape the rising costs.
Despite calls for action, the Central Bank of Nigeria has yet to stop the trend.
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