Ruth Semilore
Commercial banks in Nigeria have increased the transaction alert fee from N4 to N6 effective from Thursday, May 1, 2025.
This is contained in a message sent by banks to their customers early Wednesday morning.
The banks said the increase was due to a recent increase in telecom rates as communicated by the telecommunication service providers.
It was reported that the federal government had given the telecommunications service providers a nod to increase their tariffs across the board.
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“Dear Valued Customer. Please be informed that effective Thursday, May 1 2025, the SMS transaction alert fee will increase from ₦4 to ₦6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers”, one of the banks said in an email message to its customers.
According to the banks, SMS alerts to international phone numbers are subject to higher charges.
The Central Bank of Nigeria has released a strong affirmation of the security of cash within Nigerian banks, highlighting the country’s banking sector’s soundness. Amid widespread unconfirmed rumours, not originating with the CBN, raising concerns about the health of Nigerian banks, the central bank of Nigeria asked the people not to panic and to continue with their usual banking activity.
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To ease people’s anxieties and comfort them, the CBN emphasized its readiness and capability to carry out its stated role of maintaining a stable financial system in Nigeria.
This statement by the CBN responds to the concern caused by unverified information and seeks to reassure the public about the safety and stability of the country’s banking industry.
“The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions,” said the apex bank’s acting Director, Corporate Communications, Hakama Sidi-Ali, in a statement issued on Wednesday.
“To avoid any doubt, Nigerian banks are still safe and sound. The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN.
“The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria’s financial system. “We assure the general public and depositors that their funds are safe in Nigerian financial institutions.
“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.”
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This statement follows a report by the CBN’s special investigator, Jim Obazee, alleging that Godwin Emefiele, the former governor of the federal bank, used proxies to establish two financial institutions.
According to the report, Emefiele utilised proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without providing any proof of payment. As a result, it recommended that the Federal Government reverse the sale and take over the banks.
