Nigerians Say No To Excessive Bank Charges! #OneMillionSayNo

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Nigerians Say No To Excessive Bank Charges! #OneMillionSayNo

CBN's directive to increase some approved bank charges with effect from May 1 2017, is making banking unbearable for Nigerian Consumers.

Some of the disputed and unpopular charges include;

* 600% increase in Debit Card Maintenance Fee from N100 per annum to N50 per month;

* Excessive Account Maintenance Charges; though CBN approved a maximum of N1 per thousand which is negotiable, banks charge arbitrarily without any justification to the consumer.

* Mandatory SMS service charged at N4/SMS as against actual cost of less than N1 for bulk SMS; Banks now send as many as 3 SMS per transaction to increase income. 

*N65 per ATM other bank withdrawal after 3 withdrawals (the banks have dubiously altered this to ensure consumers exceed the monthly 3 free withdrawals quickly by programming their ATM to dispense only N10,000 maximum per transaction for other bank's customers as against N40,000 maximum possible for their own customers) and many more.

A recent front page report in Vanguard Newspapers stated that top ten banks raked in over N130bn from online transactions charges in 2016 alone!


These excessive charges have been providing massive income for the banks from ancillary online platforms as against the core banking services, thus posing a significant threat to the success of CBN's own Cashless Policy initiative.

Consumer Advocacy Foundation of Nigeria CAFON is collecting One Million Bank Consumers Signatures to be delivered to the the CBN Governor and the CPC DG to demand a review of the approved charges  and stop the banks from exploiting consumers through excessive bank charges.

OUR DEMANDS

1.  Revise the N50 Debit Card Maintenance Charges. Consumers already paid N1,000 as card issuance fee. We also pay for ATM withdrawals so what are the banks maintaining?

2. SMS Alert must be optional. It does NOT secure Consumer funds so why is it mandatory? Also, N4 per SMS is too much when bulk SMS is less than N1 per SMS. 

3. Account Maintenance Charge is another COT which has been prohibited by CBN. Why reintroduce it?

4. N50 Stamp Duty Deduction is illegal and must be stopped!

5. CBN must regulate Banks more vigorously to stop them from exploiting consumers at will.

If you agree, then Show Your Support.

Help us get 1,000,000 (One Million) Signatures against Excessive Bank Charges!

Just add your signature and encourage your friends, family and colleagues to sign and share. 

#OneMillionSayNo!

Sign and Share Now!

 

 

Sola Salako, Founding President 

Consumer Advocacy Foundation of Nigeria CAFON
June 7, 2017



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