Starting from Thursday, May 1st, Nigerian bank customers will be required to pay a fee of N6 for each SMS transaction alert they receive. The decision comes as part of new banking policies aimed at addressing operational costs and improving the services offered by financial institutions in the country.
The new charge will apply to customers receiving SMS notifications for every debit or credit transaction made through their bank accounts. This change is expected to impact millions of bank customers across various financial institutions.
The Central Bank of Nigeria (CBN) has not yet made a formal statement on the move, but bank customers have expressed mixed reactions, with some questioning the necessity of the fee while others believe it could help improve service delivery.
In response to customer concerns, banks have assured that alternative methods of receiving transaction alerts, such as email notifications and mobile banking apps, will remain free of charge. However, for those who prefer receiving traditional SMS alerts, the N6 fee will now apply per transaction.
This fee is set to take effect across all commercial banks in the country, and customers are advised to check with their banks for further details regarding the implementation of the new charge.
