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First Bank of Nigeria has announced a significant change to its banking charges, increasing the SMS transaction alert fee to ₦6 per SMS, effective May 1, 2025. This 50% hike from the previous ₦4 fee has sparked widespread discussion among customers, especially given the economic challenges many Nigerians face today. Here’s a breakdown of the change, its implications, and what you can do to manage your banking costs.
Why the Fee Increase?
The adjustment follows a 50% telecom tariff hike approved by the Nigerian Communications Commission (NCC), which has impacted operational costs for banks. First Bank isn’t alone in this move—other major Nigerian banks, including Guaranty Trust Bank, Ecobank, Fidelity Bank, and Union Bank, have also raised their SMS alert fees to similar levels. SMS alerts remain a critical service for many customers, providing real-time transaction updates and helping prevent fraud, which makes this fee hike particularly noticeable.
Customer Reactions
The increase has not gone unnoticed, with many customers expressing frustration over the rising cost of banking services. Nigeria’s ongoing economic challenges, including high inflation and increasing living expenses, have made such fee hikes a sore point. On platforms like X, users have shared their concerns, with some urging others to switch to free alternatives like email notifications or mobile app alerts to avoid the charges. However, for those without reliable internet access or who prefer the immediacy of SMS, these fees are unavoidable.
What Can You Do?
If you’re a First Bank customer looking to manage your banking costs, here are a few options:
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Switch to Email Notifications: First Bank offers free email alerts for transactions. While they may not be as instant as SMS, they’re a cost-effective alternative.
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Use the Mobile App: The bank’s mobile app provides real-time push notifications for transactions at no additional cost. Ensure you have a reliable internet connection to take advantage of this.
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Monitor Your Transactions: If you’re receiving frequent SMS alerts due to multiple transactions, consider consolidating your banking activities to reduce the number of alerts triggered.
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Stay Informed: Keep an eye on official announcements from First Bank for any further changes to fees or services.
The Bigger Picture
This fee increase reflects broader trends in Nigeria’s banking sector, where rising operational costs are being passed on to customers. While SMS alerts are a small part of banking, their mandatory nature for many accounts makes these changes significant. As banks balance profitability with customer satisfaction, customers are left navigating how to minimize costs without compromising on essential services like transaction security.
Final Thoughts
The ₦6 SMS alert fee may seem like a small change, but for frequent transactors, it can add up quickly. By exploring alternatives like email or app notifications, you can take control of your banking expenses. Have you been affected by this fee hike? Share your thoughts or tips for managing banking costs in the comments below!
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