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Wednesday , August 21 2019

‘Reduce SMS service fees for all banks’

KUWAIT CITY, May 13: Kuwait Banking Association (KBA) has asked the Public Authority for Telecommunications and Information Technology to reduce SMS service fees and set unified fees for all banks, similar to the practice in other GCC countries, reports Al-Rai daily.

In its letter, KBA pointed out that the number of SMS sent by local banks to clients who subscribed for the free SMS service for all banking transactions, which was applied since October last year, reached more than 800 million SMS in a year.

The association expects this number to double soon. KBA reported that based on a circular issued by the Central Bank of Kuwait (CBK) regarding the provision of free SMS for all clients, the banks must meet with the Public Authority for Telecommunications and Information Technology to discuss the request to reduce SMS service fees for the following reasons: the cost of SMS ranges from 10 to 12 fils each and this is very high compared to the cost in other GCC countries. The association asserted the cost of SMS in Kuwait is triple that of other GCC countries.

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