New guidelines issued by the Central Bank of Nigeria demand all commercial banks and financial institutions to promptly notify customers on all transactions on their accounts as part of their contractual obligations.issued last Thursday in Abuja said financial institutions must notify their customers about the amount and date of the transaction as well as the account balance.
This is pursuant to the powers conferred on the CBN by Sections 2 and 33 of the CBN Act, 2007 and Section 57 of the Banks and Other Financial Institutions Act [BOFIA] of 2007, as amended. Others credit bureaux, mobile money operators, payment service banks, switching companies, payment solution service providers, payment terminal service providers, non-bank acquirer, super agents and mobile money operators.
On contractual disclosures, the new guidelines demand that any proposed and final contract must contain information on key features, risks of the financial product or service, tenor of the contract as well as nature, amount and method of calculation of any interest, fee or charge and when it is payable.
The notification to the customers on variation, the CBN said, must state the reason for the variation, commencement date, the revised repayment schedule and the alternatives available such as concession, restructuring, re-negotiation, opt-out or termination of the contract. The information to be issued by the financial institution to the customers also stipulated the debt recovery process, moratorium, insurance requirements, details of lending fees, and variable rate information.
5000/month?
I had N1,000 in one bank few months ago but last SMS monthly balance is -385N.
Nooooo. We don’t want to know. Sms and email alert will increase by 4 .
50 per notification. Very bad.
My banks charges me for sms alerts
Lol.......I gave up on bank wen I realised DAT 1000 will become 940 after a month
I hope the same customers won't be charged for that shit notifications?
For free