As Nigeria’s economic headwinds continue to ripple across sectors, FirstBank of Nigeria has revised its transaction alert fee upwards from ₦4 to ₦6 per SMS a move that has sparked varied reactions among account holders.
The adjustment, which took effect this week, is being linked to the recent upward review in telecom service tariffs by mobile network providers.
According to a customer notice issued by the bank, “due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from ₦4 to ₦6 per message.”
While the bank has positioned the change as necessary for sustaining service quality, some customers are pushing back, questioning the timing of the fee hike.
Notably, other financial institutions are reportedly exploring ways to eliminate similar charges altogether, heightening public scrutiny of FirstBank’s decision.
“We know that this change might cause you some inconvenience,” the bank acknowledged in its message, “but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible.”
This fee adjustment lands at a time when consumers are grappling with rising costs of living, and companies are battling inflation, forex volatility, and rising operating costs. Industry watchers note that the pressure to remain profitable amid macroeconomic instability has led banks to reassess cost components, including technology and communication services.
Yet, customers are not taking the news quietly. Several Nigerians expressed dissatisfaction on social media, arguing that the bank could have absorbed the cost—especially given the digital shift in banking and the existing trust deficit in the sector.
On X (formerly Twitter), a user with the handle @Tonyvyncent wrote: “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”
Another user, @ramblingdeborah, commented: “It’s today these FirstBank people are collecting charges from May?!!”
The controversy reignites broader conversations about the cost of financial services in Nigeria. While banks face justifiable operational pressures, customers are increasingly sensitive to how those costs are passed on, especially when digital banking is expected to reduce reliance on physical infrastructure and lower costs for users.
Although optional channels such as email and mobile app notifications exist, SMS alerts remain crucial for many, especially those in areas with limited internet access. This makes any pricing change for such services particularly impactful.
Amid the backlash, FirstBank has advised customers with concerns or questions to engage with its official support platforms, reinforcing its commitment to transparency.
