Cbn introduces new sms alert charges for banks

It seems like you're referring to a recent development in the Nigerian banking industry. Here's what I found:

The Central Bank of Nigeria (CBN) has introduced new SMS alert charges for banks in the country. According to reports, the CBN has directed banks to charge customers a minimum of N10 (approximately $0.025) and a maximum of N50 (approximately $0.125) per SMS alert.

This move is aimed at reducing the cost of SMS alerts for banks and encouraging them to adopt more cost-effective communication channels. The CBN has also directed banks to provide customers with a choice of receiving SMS alerts or opting out of the service altogether.

The new charges are expected to take effect from January 2023, although some banks may have already started implementing the new rates. It's worth noting that the CBN has given banks the flexibility to adjust the charges based on their operational costs and market conditions.

The introduction of these charges is likely to have an impact on customers who rely heavily on SMS alerts for transaction notifications and other banking-related updates. However, the CBN's move is intended to promote a more sustainable and cost-effective banking system in Nigeria.

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