Today (Tuesday), is the day Nigerians are planning to boycott banking activities, an action aimed at protesting exorbitant deductions by banks.
Consumer Advocacy Foundation of Nigeria, a not-for-profit group dedicated to advocacy for consumer rights and protection in Africa’s largest consumer market is in the forefront of the protest, which has already gathered momentum on social media.
According to a petition posted on CAFON’s website by the organisation’s president, Sola Salako, the #NoBankingDay is aimed at pressuring Nigerian banks to review their charges downwards. The group is also calling for a review of bank forms and contracts to include more protection for consumers and for consumer complaints to be resolved promptly and satisfactorily.
Other demands are that banks must clear fees with consumers before debiting their accounts and that CBN must review the new Stamp Duty Charge, Account Maintenance Charge and Debit Card Maintenance Fees.
“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!”
Salako noted that under the current CBN management, abolished fees are being reintroduced.
“ATM withdrawals that were free now cost N65 on 3rd withdrawals,” she said.
“ 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!”
She said the exploitation has become unbearable and has necessitated speaking out by consumers.
“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.
