Press Releases

Press Release: CBK Instructions to Local Banks on Providing Free Text Messaging Services to Customers for all their Banking Transactions

15.08.18 His Excellency the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Yousef Al-Hashel, stated that CBK has issued instructions to all Kuwaiti banks and branches of foreign banks operating in the State of Kuwait to provide free text messaging alert service to all their individual customers for all banking transactions executed on their accounts including card transactions of various types, and other electronic transactions, unless the customer requests to be contacted by other means such as e-mail or smart phone notification. The Governor added that banks are required to provide the electronic systems supporting such service so that it should be fully operational as of 16-09-2018.

The Governor further explained that these instructions reflect development of electronic financial services, and underline CBK's continuous monitoring aimed at enhancing banks’ risk management in general and management of risks related to e-banking systems in particular. Since it is vital that banks inform their individual customers, through available means of communication, of all transactions on their accounts using ATM or credit cards so as to reduce risks for banks and customers alike, provision of such services enables the continuous monitoring and rapid detection of any attempt for hacking banks’ systems. It also protects customers’ accounts, particularly in light of the technological advancements in banking services.

The governor concluded that provision of the appropriate notification through the available means of communication free of charge will allow the individual customers to be aware of all transactions processed on their accounts, track all transactions and contact their banks for any inquiry or issue regarding these transactions and, eventually, enhance banks’ risk management.

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