Ecobank has increased its cost of SMS alerts to N6 from N5, effective May 1, 2025. 

The hike was announced in an email sent to its customers on Wednesday, citing a “revised tariff” for the change. 

“We understand that this change may cause some inconvenience and want to assure you that the decision was made after careful consideration. 

“We remained committed to delivering the best possible service and sincerely appreciate your understanding and continued support,” the email stated. 

The increase came after recent tariff hikes by telecom operators that jerked up prices for data and voice calls, citing rising operation costs in the country. 

Although financial institutions rely on SMS to notify customers of account transactions, many offer email alerts as a free alternative. 

According to the National Bureau of Statistics, Nigeria’s headline inflation rate rose to 24.23 per cent in March 2025. 

Meanwhile, finance minister Wale Edun has said the federal government plans to reduce the inflation rate to single digit and create more jobs.

Mr Edun stated this during a press conference at the International Monetary Fund and World Bank Spring Meetings on Saturday in Washington D.C.