GTBank proclaims 50% hike in SMS alert charge, efficient Might 1 

Guaranty Trust Bank (GTBank) has introduced a 50% enhance in its SMS transaction alert charge from N4 to N6 per message, citing adjustments in telecom service charges.

The adjustment will take impact on Thursday, Might 1, 2025.

In a message to clients, the bank stated the rise is because of the current enhance in telecom charges as communicated by the telecommunication service suppliers.

“Please learn that efficient Thursday, Might 1, 2025, the SMS transaction alert charge will enhance from N4 to N6 per message. This adjustment is because of a current enhance in telecom charges as communicated by the telecommunication service suppliers,” they famous.

Whereas the bank didn’t specify the precise telecoms concerned or when the speed adjustments have been communicated, it clearly tied the brand new expenses to exterior telecom price changes.

Significance of SMS alerts 

GTBank famous the significance of SMS transaction alerts for monitoring account actions and enhancing safety, whereas additionally providing clients the choice to decide out if most well-liked.

“Kindly be aware that transaction alerts are vital and allow you to hold monitor and keep answerable for actions in your account,” the bank stated.

The SMS alert system permits clients to obtain real-time notifications of actions on their accounts, serving to them monitor for any unauthorized or suspicious transactions.

Clients who not want to obtain transaction notifications through SMS are allowed to decide out.

“Should you desire to not obtain transaction alerts through SMS, you possibly can replace your preferences by finishing the transaction alert type on our web site and sending it to [email protected],” the notification learn.

What you must know 

Telecom operators in Nigeria, akin to MTN, Airtel, Globacom, and 9mobile, have confronted monetary pressures resulting from rising power prices, the depreciation of the naira, which has made importing infrastructure dearer. Moreover, frequent disruptions to fibre-optic cables have led to substantial losses.

• Regardless of these monetary strains, telecom tariffs in Nigeria had remained unchanged for over a decade.
• In response to those rising prices, telecom operators petitioned the Nigerian Communications Fee (NCC) for a 100% enhance in tariffs. Nevertheless, the NCC accredited a extra reasonable 50% hike, aimed toward balancing the monetary sustainability of the operators with client affordability.

The accredited 50% enhance has had a noticeable affect on telecom pricing. For instance, SMS expenses have risen from N4 to N6 per message. As well as, information plans have additionally seen vital worth hikes. MTN’s 1.8GB month-to-month plan, for example, elevated from N1,000 to N1,500, whereas the 20GB plan noticed an increase from N5,500 to N7,500.