Nigerians Ignore Calls To Boycott Banks Over Excessive Charges

Despite calls by some civil society groups under the aegis of Consumer Advocacy Foundation of Nigeria, CAFON, urging Nigerians to boycott banking activities on Tuesday to protest excessive charges by commercial banks, most banks in Abuja and environs went about their normal businesses.

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CAFON had circulated information mostly through various social media platforms urging bank users to join in the ‘No Banking Day’ protest scheduled for March 1.

The leader of the group, Sola Salako, said through the group’s website that the protest was to register the anger of customers against exploitation by most banks in the country.

“We have endured for too long excessive charges, illegal fees and unfair contracts that only protect the banks,” Mr. Salako said. “Banks debit our accounts at will for charges we never agreed to or aware of; they charge us for every little service.

“We pay for getting our statements; introduction letters; and now, some banks are charging N200 for the use of deposit and transfer forms.”

He said under the current management at the Central Bank of Nigeria, CBN, fees that were abolished in the past have been reintroduced.

For instance, he said cash withdrawals on automated teller machines, ATMs, that was free now cost N65 on third withdrawals, while customers are made to pay about N1000 for debit card issuance and renewals and N105 for every online transfer.

Similarly, about N105 is charged as Annual Debit Card Maintenance, with the recent introduction of a new Stamp Duty charge of N50 on every credit of over N1000.

“This is unacceptable! The fact is, consumers are being exploited by all the banks and CBN appears to be encouraging the exploitations by looking the other way. We cannot continue to endure these exploitations forever,” Mr. Salako said.

A PREMIUM TIMES reporter who monitored the response of bank customers to the call observed that most banks in the Federal Capital Territory, FCT and environs still had their full attending to  customers without any disruptions by the protesters.

At one of the commercial banks located near Wuse market in Abuja, a staff who spoke with our reporter on condition of anonymity as she was authorized to speak on the issue, said although the bank management was aware of the calls by some NGOs urging customers to boycott banking activities, normal services to customers were still on.

A businessman, Nonso Okonkwo, told PREMIUM TIMES although he could not heed the call to boycott the banks, because of his business, the grievances of most Nigerians concerning excessive charges were “real, excessive and unfair to customers.”

Another bank customer, Dickson Okpara, said the protest over excessive bank charges was long overdue, urging Nigerians to continue to support the protest to pressurize government to intervene to save the poor masses from undue exploitation.

CAFON said they demand that bank charges be reviewed downwards.

Other demands include that the CBN must review the new Stamp Duty charge, account maintenance charge and Debit Card Maintenance Fees.

“Cost of transaction, COT that was supposed to have ended finally in 2016 is now being reintroduced as one percent of every withdrawal and renamed monthly current account maintenance fees!” Mr. Salako said.

Source:Leadership