This is one area the CBN can do better by directing banks to stop charging N4 per SMS alert charges on customers. This is the root cause of the problem of high electronic banking charges. The CBN can do better by expunging recovering cost of cheque book from Guide to Bank Charges. The CBN is furthertaking a simple approach by reducing bank charges instead of interrogating the integrity of Guides to bank Charges vis a vis the earlier Banker’s tariff. That action brought sanity to the banking system when banks divested from all companies that was not doing banking business and concentrating on doing banking business in line with their operating license.

Source: The Guardian January 05, 2020 04:05 UTC