Sometimes, it amuses one to see CBN ditching out policy that aids commercial banks’ non-main income source like SMS alert.

According to this bank, CBN has mandated them to put all individual account holders on SMS alert. Whereas, an individual declined, such person must sign the indemnity form attached.

X-raying the clauses on the indemnity form, one wonders if CBN has ever considered it effect on account holder. While telcomms charges #4/SMS, commercial banks charges #10/SMS. Now CBN has helped to perfect their bogus SMS charge with this new mandatory. Propably because VAT is inclusive into the charges, thereby increasing FGN VAT revenue, hence the need to mandate individual account holders.