No Banking Day: CBN calls for vigilance against excessive charges

The Consumer Advocacy Foundation of Nigeria (CAFON), a non-profit making organization, has threatened to boycott banking services from today, Tuesday, March 1, 2016, owing to perceived arbitrary charges by commercial banks.

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.

 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.

The apex bank stated this in response to the boycott of banking services today called by Consumer Advocacy Foundation of Nigeria (CAFON). Two weeks ago, CAFON launched a campaign against the introduction of Stamp Duty charge of N50, Current Account Maintenance Fee and excessive bank charges.

The group called on bank customers to boycott all banking services in March to protest the charges. 

However in a statement issued yesterday, the CBN faulted the boycott, saying CAFON should rather encourage Nigerians to take complaints that were related to wrongful bank charges to the appropriate quarters.