Banking institutions across the nation have commenced the implementation of revised charges for Short Message Service (SMS) communications, including transaction alerts and other notifications, to their customer base.
This adjustment will see customers being charged a rate of N6 for each SMS transaction they receive from their banks.
This development follows closely on the heels of a recent surge in telecommunications rates levied by mobile network operators. These increased operational costs for telecom providers were reportedly sanctioned by the Federal Government, creating a ripple effect that is now impacting the banking sector and, ultimately, bank customers.
The new SMS charge represents a significant 50% increase from the previous rate of N4 per message, marking a noticeable uptick in the cost of staying informed about account activities via SMS.
