FirstBank of Nigeria has announced an upward review of its transaction alert fee, raising the charge from ₦4 to ₦6 per SMS.
In a customer notice seen on Wednesday, the bank attributed the increase to the recent hike in telecom service costs by network providers.
“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the bank stated. “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 acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.
“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.
The bank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels.
The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.
The new SMS fee will apply per transaction alert received by customers. However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.
An X 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.”
Additionally, @ramblingdeborah also wrote, “It’s today these FirstBank people are collecting charges from May?!!”
Credit: punchng.com
