Tuesday,
March 1, 2016 has been set aside by the Consumer Advocacy Foundation of Nigeria
and the Coalition of Nigerian Consumer Protection Associations as “no banking
day” on which customers are to avoid all forms of banking services nationwide.
Disclosing
this at a press briefing on Monday, the President and Founder, CAFON, Sola
Salako; and Founder, Market Ombudsman, Dr. Ope Banwo, said the plan was to
persuade bank customers to avoid all banking transactions for one day.
“There
should be no visit to the Automated Teller Machines or the banking halls that
day,” Salako said.
The
groups are leading consumers in protest against recent bank charges introduced
by the Central Bank of Nigeria and Deposit Money Banks, which they consider to
be excessive and illegal.
The
CAFON founder said, “For many years now, customers of banking services have
endured excessive charges, unexplainable fees and unfair contracts that only
protect the banks but do not protect the consumers.
“Banks
debit customers’ accounts at will for charges we never agreed to or were not
aware of; they charge us for everything; some banks are charging N210 for the
use of deposit and transfer forms in their branches!”
Salako
added, “Thousands of customers have been victims of ATM fraud because the
banking industry failed in its duty of educating and informing consumers of the
inherent dangers in online banking at commencement.
“These
incessant multiple charges are even more prevalent on loan accounts, while many
banks have also taken advantage of the CBN’s fluctuating forex policy to charge
customers exchange rates that far exceed the CBN rates without even notifying
the customers of the rates before the transactions.”
The
groups further decried the role of the CBN in constantly changing policies
without notice instead of carrying out its responsibility of regulating the
sector as well as protecting customers from exploitation, adding that under the
current management of the central bank, abolished fees were being reintroduced.
According
to them, the CBN appears to be more sympathetic to the banks to the detriment
of the vulnerable customers in view of its recent policies on bank charges.
Salako
said, “It appears that the banking sector is operating a price fixing cartel
called the Bankers’ Committee superintended by the CBN where they determine how
much to charge for what.
“When
consumers challenge any questionable fee, the banks are quick to say it is as
approved by the CBN. Whose interest should the CBN be protecting, the banks making
profit or the consumers trying to make a living? How can consumers choose
between banks when prices are already fixed by the regulator’s fiat?
The
groups also faulted the recently introduced maintenance fees for current
accounts and ATM cards as well as the N50 Stamp Duty, maintaining that the flat
levy of N50 for every transaction from N1,000 was not equitable and amounted to
taking from the poor to enrich the wealthy.
“A
student who receives an allowance of N2,000 pays the same amount as a rich man who
receives a deposit of N10m! So, the student is technically paying more taxes
than the rich man. That is inequitable and unfair,” Banwo added.
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