FirstBank of Nigeria has announced an increase in its transaction alert fee, raising the charge from N4 to N6 per SMS. The bank issued a customer notice on Wednesday, explaining that the adjustment was due to the recent hike in telecom service costs by network providers.
In the notice, the bank expressed its understanding of the importance of staying connected and informed about financial activities. However, it acknowledged the impact of the increased telecom service charges, which led to the change in the transaction alert fee.
“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the notice read. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”
The bank emphasized that while the change might cause inconvenience, it was committed to minimizing the impact while continuing to deliver high-quality financial services. Customers were also encouraged to contact the bank’s official channels for any questions or concerns.
This adjustment in charges comes at a time when banks are reviewing their cost structures in response to rising operating expenses, which include increased telecom tariffs and inflationary pressures across various sectors.
Despite the bank’s justification, some customers expressed dissatisfaction with the fee increase. On social media platform X (formerly Twitter), several users criticized FirstBank, especially as other banks, such as Sterling Bank, have been removing similar charges. One user, @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, added, “It’s today these FirstBank people are collecting charges from May?!!”
As the new SMS fee will apply per transaction alert received, some bank customers, particularly in Abuja, have expressed intentions to opt for electronic mail alerts to reduce costs and avoid additional charges.
