The Central Bank of Nigeria’s (CBN) has issued new guidelines on transaction notifications. The guideline mandates all Banks to profile their customers to receive both SMS alerts and email notifications on all customer initiated transactions.
This according to the bank is to enable customers conveniently keep track of all transactions and allow for the timely reporting of suspicious transactions on your account.
SMS alerts will be charged at N4/SMS while email notifications are free. The fees on SMS alerts are restricted to only transactions initiated by you.
If you do not wish to receive SMS alerts on your transactions, you can opt out by completing an indemnity form at your bank.