Fidelity Bank and Union Bank have introduced a rise within the charge charged for SMS transaction alerts, citing an industry-wide rise in SMS prices by telecommunications suppliers.
Fidelity Bank disclosed that, efficient Thursday, Might 1, 2025, SMS alert expenses would enhance from N4 to N6 per message.
In an official assertion shared on its X deal with, Fidelity Bank justified the adjustment as essential to proceed delivering safe, well timed, and dependable transaction notifications to clients.
“Please learn that as a consequence of an industry-wide enhance in SMS prices by telecommunications suppliers, the fees for SMS transaction alerts shall be revised from N4 to N6 per SMS efficient Might 1, 2025. This adjustment is important to make sure we proceed delivering safe, well timed, and dependable transaction notifications to you,” Fidelity Bank said.
Moreover, the bank cautioned that SMS alerts despatched to worldwide telephone numbers might entice increased expenses, reflecting the broader impression of rising telecom prices on monetary companies.
Union Bank too
Union Bank has additionally notified its clients of the upward evaluation of SMS expenses.
“Our Telecommunication Service Suppliers have just lately reviewed their service charges relevant to SMS notifications upwards. Consequently, efficient Thursday, 1 Might 2025, your SMS Transaction Alert Price will enhance from 4 Naira (N4.00) to Six Naira (N6.00) per message. Please notice that alerts to worldwide telephone numbers are topic to increased expenses.”
The bank inspired its clients to retain their SMS subscription regardless of the rise.
“Transaction Alerts are important as they show you how to monitor and management your account actions in actual time. We encourage you to retain your subscription to this service.”
Nonetheless, for patrons prepared to decide out of the service, the bank requested that they fill a type on the web site.
“If you need to decide out of receiving Transaction Alerts through SMS, please replace your preferences by finishing the Transaction Alert type accessible on our web site. It’s possible you’ll submit the finished type to [email protected] or go to any of our branches nationwide for help.”
Telecom Tariff Hike Drives Banking Sector Changes
Fidelity Bank’s announcement follows the same transfer by Guaranty Trust Bank (GTB), which additionally raised its SMS transaction alert charge from N4 to N6, citing adjustments in telecom service pricing.
This adjustment, like Fidelity Bank’s, took impact on Might 1, 2025.
The telecommunications sector in Nigeria has been grappling with monetary pressures, together with:
- Rising power prices impacting operational bills.
- Depreciation of the naira, making infrastructure imports dearer.
- Frequent disruptions to fibre-optic cables, inflicting vital monetary losses.
Regardless of these challenges, telecom tariffs in Nigeria remained unchanged for over a decade.
Nonetheless, in response to escalating prices, telecom operators petitioned the Nigerian Communications Fee (NCC) for a 100% enhance in tariffs.
The NCC finally authorised a 50% hike, hanging a steadiness between monetary sustainability for operators and client affordability.
The impression of this enhance is clear throughout varied companies, together with SMS and information pricing.
What you need to know
The authorised 50% enhance has led to seen worth changes in telecom companies:
- SMS expenses have elevated from N4 to N6 per message.
- Knowledge plans have seen substantial worth hikes, reminiscent of:
- MTN’s 1.8GB month-to-month plan, rising from N1,000 to N1,500.
- MTN’s 20GB plan, rising from N5,500 to N7,500.
These changes sign a broader shift in pricing constructions, affecting each particular person shoppers and company entities reliant on telecom companies for monetary transactions.
The Implications for Banking and Telecom Sectors
The current banking charge will increase spotlight how telecom tariff hikes are affecting monetary companies, notably customer communication prices. With banks adjusting SMS alert charges, shoppers might start exploring different notification channels, reminiscent of cellular apps and e mail alerts, to mitigate rising bills.
As Nigeria’s banking and telecom sectors adapt to those financial realities, {industry} stakeholders proceed to watch how additional regulatory choices might form the associated fee dynamics of digital companies.
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