Market News

 By : Adeyemi Adepetun

Deposit Money Banks (DMBs) will from today, May 1, begin to charge N6 instead of N4 for SMS transaction done on customers’ account.

Leading the charge, yesterday in a notice to its teeming customers, Guaranty Trust Bank (GTB) attributed the adjustment to a recent upward review in telecommunication rates by service providers.

Recall that telecom operators had in January gotten approval from the Federal Government through the Nigerian Communications Commission (NCC) to jack up rates of voice, data and SMS services by 50 per cent, which subsequently increased prices of telephony services in the country.

While telcos argued that the 50 per cent hike approved by the NCC was necessary to sustain their businesses after the last hike was 11 years ago, consumers on the other hand cried and are still crying foul, citing the burden of increased costs.

The notice reads: “Dear Valued Customer, please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers.

“Kindly note that transaction alerts are important and help you keep track and stay in control of activities on your account.

“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].”