The Consumer Advocacy Foundation of Nigeria CAFON and other consumer associations are calling on Nigerians to protest “No Banking Day” on March 1, when no customer is expected to transact any banking business to drive home their displeasure over excessive bank charges.
The associations also accused the Central bank of Nigeria (CBN) of refraining from doing enough to stop banks from exploiting customers. The demonstration comes as a fallout of over 10 recognizable charges connected with banking activities presently raising issues amongst customers.
The charges, in no certain order, consist of the upkeep charges, which some banks are now charging month-to-month on current accounts and Value Added Tax (VAT) on essentially every transaction by customers, including SMS. There are likewise charges for transfers both online and over-the-counter, remote-on-us (charges incurred for utilizing other banks’ ATM in withdrawing money more than 3 times in a month) along with the just recently presented stamp duties charge.
The CAFON president Sola Salako complained the high level of exploitation, stating that bank customers, for years, have been subjected to series of poor and disappointing deal and relationship terms. The CAFON boss called attention of Nigerian bank customers to take part in the “No Banking Day” holding on March 1, 2016 when bank clients will shun all banking services to oppose extreme bank charges.
“We have actually endured excessive charges, prohibited charges and unfair agreements that just safeguard the bank however do not safeguard the customers. Banks debit our accounts at will for charges we never consented to or were not knowledgeable about; they charge us for every single 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! “Under the present CBN management, abolished charges are being reintroduced.” Salako said
“ATM withdrawals that were free now cost N65 on Third withdrawals. We pay N1,000 for debit card issuance and renewals; we pay N105 for each online transfer; and they still charge N105 as Yearly Debit Card Upkeep and now, a new Stamp Duty charge of N50 on every credit of over N1,000 has actually simply been presented. “COT that was supposed to end lastly in 2016 is now being reestablished as 1 per cent of every withdrawal purportedly as Regular monthly current Account Upkeep Fees! She added.
“This is inappropriate! The truth is, customers are being made use of by all the banks and CBN is turning a blind eye to these exploitations. We can not continue to endure these exploitations!”.
“That is why Consumer Advocacy Foundation of Nigeria (CAFON), a customer rights NGO, is calling customers to join us in demonstration of banking exploitation by declaring Tuesday, March 1, 2016 as ‘No Banking Day!’ She declared.
“Our Demands according to Salako are “We want bank charges examined downwards; banks should clear fees with customers before debiting our accounts; bank forms and contracts need to be evaluated to include more security for customers; customer complaints have to be resolved quickly and adequately; CBN needs to review the new Stamp Duty Charge, Account Upkeep Charge and Debit Card Upkeep Fees.”
“We urge all consumers to boycott all banking services in demonstration of these extreme charges and policies. That indicates on Tuesday, March 1, do not visit any bank or branches to transact any business; don’t utilize your ATM from 12a.m-12 midnight on March 1; don’t log in to any of your accounts online and don’t do any transfers from 12am-12 midnight; don’t make any online payments from 12am-12 midnight; do not release any cheques or banking instruments dated March 1, 2016.
Avoid doing any financial deals on March 1 however if you must, avoid the banks! We can all dedicate to observe a ‘No Banking Day’ protest to press home our needs. After all, if we do not patronise them, they cannot be in business. She said.