Banking Hall
A group of consumer rights protection organizations asked Nigerians to boycott banks on March 1st in protest against excessive charges and unexplained fees by nigerian banks.
The Consumer Advocacy Foundation of Nigeria (CAFON) and the Coalition of Nigerian Consumer Protection Associations say the protest is against recent bank charges endorsed by the CBN.
CAFON said: ‘’It is pertinent to note that the Nigerian banking system had seen radical reforms in recent years in order to drive the Vision 20: 2020 programme. As part of this broad policy initiative the Central Bank of Nigeria, CBN, rolled out the cashless policy with a number of options in the electronic payment systems, including the mobile banking.
‘’To achieve this, the CBN had enlisted electronic and telecom service providers to ensure convenience and safety. ‘’In addition, the Bank also set up the Consumer Protection Department, CPD, saddled with the responsibility of ensuring that bank customers are not unduly short-changed by the commercial banks. “Meanwhile, it is equally expected that while the regulators are doing their bit, bank customers must not only insist, but persist in demanding that their respective banks give them good service and at affordable charges.
‘’Nigerians should note that the bank-customer relationship is personal and contractual and should seek for redress when shotchanged.’’ Meanwhile, the Central Bank of Nigeria, CBN, has called on bank customers to be vigilant against excessive bank charges and channel complaints to appropriate authorities instead of participating in the boycott of banking services.
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