CBN makes transaction alerts compulsory

Posted by Felix Okoli on Friday June 14, 2013 at 10:51:1:

According to reports customers have been receiving lately from their banks via SMS, the Central Bank of Nigeria (CBN) has directed all banks to always send transaction alerts to their customers.

I received the text message from my bank and it read, "CBN has directed banks to send transaction alerts to customers via SMS/Email. Update your email at any branch or be enabled on SMS alert @ N4".

What this means is that if you've not included and email address in your account, you are going to be placed on SMS alerts and for every transaction on your account. you will get an SMS on it and the delivery charge which will be debited to your account.

However, for those who already have submitted their email address to their banks, they can be rest assured that they'll get an email notification for transactions on their account for free since email alerts are free unlike sms alerts.

While some people may prefer to receive sms alerts on their phone since they hardly use email, others would rather get an email alert since they would rather not want their account being debited.

For those who already use internet banking which is also free, it would be more convenient to check your account balance and transactions by simply logging into your account and you may as well go for the email alert option rather than pay for sms alerts.

SMS alerts from banks would now be charged on customer's account at a rate of N4 per message. You have the option of choosing which alert system you want to be setup for your account by notifying your bank in advance.