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Opinion

Nigerians Boycotts Banks Activities!

Nigerians on social media platforms will today boycott banking activities to protest illegal deductions by banks.

The campaign which led by Consumer Advocacy Foundation of Nigeria (CAFON) a non-profit organisation dedicated to advocacy for consumer rights and protection in Africa.

A petition posted on the group’s website by the President, Sola Salako, the #NoBankingDay is aimed at pressuring Nigerian banks to review their charges downwards. The group also call 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.

“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!”

She emphasizes that under the current CBN management, abolished fees are being reintroduced.
“ATM withdrawals that were free now cost N65 on 3rd withdrawals,” she added.

“ 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.”

Credit: Punch

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