Nigerians Declare Showdown With Banks Over High Bank Charges


BEVERLY HILLS, February 29, (THEWILL) – A group, Consumer Advocacy Foundation of Nigeria (CAFON), is leading the protest to boycott banking activities on Tuesday, to protest alleged exorbitant deductions and unnecessary bank charges.

According to reports gathered by THEWILL, the not-for-profit group, dedicated to advocacy for consumer rights and protection has declared Tuesday a 'No Banking Day'.

A petition posted on CAFON's website signed by Sola Salako, President, CAFON, the 'No Banking Day' is aimed at pressuring banks to review their charges downwards and that banks must clear fees with consumers before debiting their accounts.

The group also added that the CBN must review the new Stamp Duty Charge, Account Maintenance Charge and Debit Card Maintenance Fees as it called for a review of bank forms and contracts to include more protection for consumers and for consumer complaints to be resolved promptly and satisfactorily.

“March 1 is 'No Banking Day' Protest against excessive bank charges Dear Nigerian Banks Consumers For many years now, consumers of banking services have been subject to series of poor and unsatisfactory transaction and relationship terms,” Salako said in the post.

“We have endured excessive charges, illegal fees and unfair contracts that only protect the bank but do not protect the consumers.

“Banks debit our accounts at will for charges we never agreed to or were not 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!

“ATM withdrawals that were free now cost N65 on 3rd withdrawals.”

“We pay N1000 for debit card issuance and renewals; we pay N105 for every online transfer; and they still charge N105 as Annual Debit Card Maintenance and now, a new Stamp Duty charge of N50 on every credit of over N1000 has just been introduced.

“COT that was supposed to end finally in 2016 is now being reintroduced as 1% of every withdrawal purportedly as Monthly Current Account Maintenance Fees!

“That is why CAFON, a consumer rights NGO is calling consumers to join us in protest against banking exploitation by declaring Tuesday, March 1 2016 as NO BANKING DAY!” Salako said.

Story by David Oputah