Nigerians react to new N6 SMS transaction fee amid growing discontent over banking charges
The revised fee, up from the previous N4 per SMS, took effect today and is expected to be automatically deducted from customers' bank accounts.
According to Central Bank of Nigeria (CBN), the new structure was designed to replace the previous per-session USSD billing model and standardize charges across banks. The fee will be remitted to mobile network operators, with the apex bank stating that this change offers a more transparent and consumer-friendly billing framework.
For numerous customers, especially low-income earners who rely heavily on USSD services for day-to-day transactions, the added cost is yet another financial burden. Critics argued that the move is not only ill-timed but could further alienate the unbanked population, undermining CBN's long-standing financial inclusion goals.
'This policy is out of touch with the reality of ordinary Nigerians,' said Mr. Yusuf Adebayo, a civil servant. 'Instead of encouraging people to embrace banking, it discourages them. A low-income earner making frequent transactions will feel the pinch of this fee over time.'
Banks like GTBank and Fidelity Bank have encouraged customers to adopt their mobile banking apps, which do not incur SMS or USSD charges. Yet, some customers remained skeptical. One customer, who spoke anonymously, alleged that banks have been charging multiple telco fees for single transactions long before this policy was formalised.
'There are days when I get charged more than once for a single transaction,' the customer said. 'It feels like we're being bled dry from every angle.'
On social media, Nigerians have taken to platforms like X (formerly Twitter) to express their frustrations and divergent opinions. One user, Arch Angel Jesse, downplayed the fee hike, suggesting the public outcry was misplaced.
'I don't think this is a problem the way the news is making it seem. Only N2 extra and it's breaking news!' Jesse posted. 'All the money lost in NNPC is still not making the news but N2 extra is breaking!!! Very few people understand where I am coming from, and that is still the problem of this country Nigeria.'
However, another user, @asia_valking, offered a different perspective. 'N2 is not a problem? It will be when you receive alerts from 20 different transactions, or you multiply it by 50 million accounts. Their next target will be N10.'
Joshua Eze, another customer, drew a comparison with telecom practices in the United Kingdom. 'In the UK, once you pay for your internet data, calls and SMS are essentially free. Think of providers with their flexible plans and no extra charges for calls or texts. Meanwhile, Nigerian business leaders keep adding burdens like this N6 SMS fee, doing more harm than good to citizens already struggling,' he said.
Hyginus Ogbuike, a resident in Lagos, blamed both the government and its corporate allies for continually making life more difficult for Nigerians. 'It started long ago. If they can increase salaries by 100 percent across all levels, it will be tolerable,' he said.
Several analysts have also weighed in on the debate, accusing banks of deliberately withholding in-app transaction alerts to force customers into accepting SMS-based notifications that incur charges.
'Normally, your mobile banking app should notify you of every transaction,' said one tech analyst based in Lagos. 'But Nigerian banks have intentionally left out that feature. Even when you go to the bank to cancel SMS alerts, they ask you to fill a form, and in many cases, the alerts still don't stop.'
An anonymous top-level banker explained that the policy is backed by the CBN's Guide to Charges by Banks and Other Financial Institutions, which mandates SMS alerts as a safeguard against fraud.
'Banks are required to send SMS alerts on every account activity. It's not optional unless the customer formally opts out, and even that comes with legal risk.'
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