Ecobank has announced it will raise the cost of SMS alerts from ₦5 to ₦6, effective May 1, 2025, citing a “revised tariff.” The bank communicated the change to customers via email on Monday, saying the decision followed “careful consideration.”
“We understand that this change may cause some inconvenience and want to assure you that the decision was made after careful consideration,” the message read.
The increase follows recent tariff hikes by telecom operators that raised prices for data and voice plans citing rising operational costs. Banks typically rely on SMS to notify customers of account transactions, though many offer email alerts as a free or cheaper alternative.
Ecobank’s move is likely to reignite public anger over excessive charges by Nigerian banks, a long-running concern among customers. Many complain about frequent deductions for services ranging from maintenance fees to SMS alerts and card management.
Just last month, Sterling Bank said it would suspend transfer fees, describing the move as a gesture of relief to its customers during tough economic times. The bank also called on its peers to take similar steps to cushion the impact of rising inflation and cost of living.
In contrast, Ecobank’s announcement appears to head in the opposite direction, as Nigerians continue to grapple with high inflation and a weak currency. The bank’s fee adjustment, though seemingly small, adds to the financial burden on millions of customers who depend on SMS alerts for real-time updates on their accounts.
Critics say while telecom tariff reviews may justify a pricing adjustment, banks must do more to demonstrate transparency and offer customers real choices — especially as digital alternatives like email notifications are already available.
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