The
Consumer Advocacy Foundation of Nigeria (CAFON), a non-profit making
organisation has concluded arrangement to boycott banking services from today
owing to what they described as arbitrary charges by commercial banks.
The
group had highlighted the recently introduced stamp duty fee, account
maintenance fee as some of the reasons for the protest.
According
to CAFON founder, Sola Salako, the boycott, tagged: “No Banking Day,” was aimed
at expressing Nigerians’ anger over outrageous charges on deposits, transfers
and withdrawals. Salako is asking Nigerians to stay away from the banks today
and to shun any transactions either on the counter or online with any bank.
The
Central Bank of Nigeria (CBN) recently urged bank customers to report illegal
and excessive charges by their banks to it (CBN). The apex regulator gave the
advice in a statement titled: “Alleged Excess, Illegal Charges by Deposit Money
Banks.”
According
to the central bank, it had received a series of complaints from bank customers
alleging excessive and, in some cases, illegal charges from their respective
banks. It pointed out that the Revised Guide to Bank Charges clearly specifies
allowable charges for all banking services and the CBN does not in any way
condone the fleecing of banking customers under any guise.
“It
was in the quest to provide a strong voice to banks’ customers and moderate the
arbitrary charges that the CBN in 2012, established its Consumer Protection
Department. For the avoidance of doubt, the CBN has investigated over 6000
complaints relating to unauthorised bank charges brought to its notice,
following which banks have been compelled to refund the sum of over N6.2
billion to affected customers in 2015 alone.
“The
CBN wishes to reiterate its resolve to continuously enforce the provision of
the Revised Guide to Bank Charges and urges members of the public to report
cases of infringement to enable it investigate and apply sanctions on any
erring deposit money bank,” it added.
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