Palmpay and Opay reveal the reason for increasing SMS alert charges

• Mobile wealth operators specified arsenic Opay, Palmpay person announced an summation successful SMS alert fees by N50
• The operators disclosed that the charges began connected June 1, 2025, pursuing the 50% tariff increases by telecom companies
• Due to the increase, Point-of-Sale (PoS) operators person signalled plans to hike their charges to interruption even

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Mobile Money Operators (MNOs) specified arsenic Opay, Palmpay, Moniepoint, and others person announced an summation successful SMS alert fees, starting June 1, 2025.

The fiscal technology companies disclosed that the determination was owed to the 50% summation successful tariffs by telecommunication companies.

Fintech firms rise SMS alert charges by 50% arsenic NCC approves tariff increase. Credit: PalmPay
Source: Getty Images

Palmpay announces a 50% summation successful the SMS alert fee

A connection from 1 of the fintech firms, Palmpay, said the caller charges began connected Sunday, June 1, 2025.

“Starting June 1, 2025, the outgo for each SMS alert volition summation from NGN4 to NGN6,” Palmpay said.

Legit.ng earlier reported that the Nigerian Communications Commission (NCC) announced a 50% tariff increase for telecom companies, effectual March 1, 2025.

The determination prompted a flurry of increases from the telecom companies, which instantly accrued their charges for data, calls and SMS.

Additionally, Nigerian banks person besides announced a 50% summation successful SMS alert charges, attributing it to an summation successful telco tariffs.

PoS operators to summation charges

Meanwhile, Point-of-Sale (PoS) operators person signalled plans to summation their charges pursuing the announcement by the fintech companies.

They disclosed that the summation volition interaction their bottommost enactment arsenic they volition beryllium debited for SMS alerts arising from customers’ transactions.

One of the PoS operators, Adedayo Adeleke, told Legit.ng that the operators get debited each clip they marque transactions connected behalf of customers.

“Imagine being debited aggregate times a time for transactions originating from customers' withdrawals and deposits. It volition impact your nett borderline and wide bottommost line. So, expanding work charges volition beryllium to recoup losses,” helium said.

EMTL charges stay N50 per N10,000 transaction

The past clip the PoS operators hiked their charges supra the 2 per cent allowed by the Central Bank of Nigeria (CBN) was erstwhile the MNOs announced that they would statesman N50 deductions for each N10,000 for Electronic Money Transfer Levy (EMTL) mandated by the Nigerian government.

The EMTL deductions led to the operators hiking their charges to N200 for each N10,000 withdrawal and N500 for each N20,000 withdrawal, depending connected the locations.

PoS operators whitethorn hike charges pursuing SMS alert interest increases by MNOs. Credit: Bloomberg/Contributor
Source: Getty Images

Findings amusement that immoderate operators successful agrarian areas complaint arsenic precocious arsenic 50% for each withdrawal and deposit.

Palmpay, Opay instrumentality action, denote relationship changes

Legit.ng antecedently reported that OPay and Palmpay person announced cardinal changes to however customers get verified connected their platforms.

The 2 integer banking platforms made the changes successful effect to reports of loopholes exploited by fraudsters erstwhile opening accounts.

For Opay, determination are changes successful the recognition method of securing slope accounts during the onboarding process.

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Source: Legit.ng