toto slot

toto togel 4d

situs togel

10 situs togel terpercaya

10 situs togel terpercaya

situs togel

situs toto

bandar togel online

10 situs togel terpercaya

toto togel

toto togel

situs togel

situs togel

situs togel

situs togel

bo togel terpercaya

situs togel

situs toto

situs togel

situs togel

toto togel

situs toto

https://rejoasri-desa.id

https://www.eksplorasilea.com/

https://ukinvestorshow.com

https://advisorfinancialservices.com

https://milky-holmes-unit.com

toto togel

situs togel

Four Banks make N23.4 Billion off Customers’ Accounts in Six months

7 Min Read

Zenith Bank, GTB, Access and UBA, the four leading banks in Nigeria generated N24.3bn from account maintenance charges on customer’s accounts, within January 2019 and June 2019, Punch reports.

“This is an increase of about 19.18 per cent from N20.39bn generated in the corresponding period in 2018.”

Some of these banks on monthly basis charge their customers N50 with or without card while some deduct N1,000 from each customer’s account per annum for maintaining their savings accounts.

“Two leading banks by profit, Zenith Bank Plc and GTBank, for instance, have over 8.6 million and 16 million customers respectively.

READ ALSO: BBNaija: ’60 million Naira smell’ – Etinosa roots for Tasha

“Specifically, Zenith Bank recorded N9.57bn from account maintenance fee in the first six months of 2019. This reflects 10.76 per cent increase over N8.64bn reported in the first six months of 2018.

“GTBank Group’s audited report for the first six months of the year; N5.71bn was generated for maintaining customers account in the first six months of the year, up from N5.18bn in the first six months of 2018.

“The merger between Access Bank Plc and Diamond Bank Plc aided 96.15 per cent increase on account maintenance fees of Access Bank, moving from N3.14bn in the first six months of 2018 to N6.16bn in the first six months of 2019.

“The United Bank for Africa Plc, on the other hand, reported 16.3 per cent increase on account maintenance fees, N3.39bn, in the first six months of the year, up from N2.9bn in the first six months of 2018.” PUNCH

The President of the Bank Customers Association of Nigeria, Dr Uju Ogubunka, disclosed that the guide to charges by Banks and Other Financial Institutions in Nigeria, 2017 made no provision for “Account Maintenance Fee” however, the CBN guideline makes provisions for Current Maintenance Fee”, according to PUNCH.

Ogubunka said, “Consequently, no bank is authorized to make this charge without first, negotiating with the customer and the agreed rate must not be more than N1.00 per mille.

READ ALSO: BREAKING: School Fire kills 27 sleeping children in Liberia

“How many customers know that they ought to negotiate with banks on this fee? How many cross-check and verify the type, amount and basis of charges entered into their accounts by their banks? How many seek redress when necessary?

“Nevertheless, the Guide’s provision, directly or indirectly, places the burden on the banks. It is their responsibility to call the attention of their customers for negotiation.”

 

Ogunbunka, beckoned regulators and supervisors of banks in the country, such as the CBN, to investigate and confirm that banks are complying with regulatory provisions on account maintenance charges and issue appropriate sanction on banks found violating regulations.

Customers should also assess their bank account as frequently as possible in other to detect any unauthorized and unjustified deductions that might be made by their banks.

Zenith Bank, GTB, Access and UBA, the four leading banks in Nigeria generated N24.3bn from account maintenance charges on customer’s accounts, within January 2019 and June 2019, Punch reports.

Bank
Descriptive Image
Money Pile (Descriptive image)

“This is an increase of about 19.18 per cent from N20.39bn generated in the corresponding period in 2018.”

Some of these banks on monthly basis charge their customers N50 with or without card while some deduct N1,000 from each customer’s account per annum for maintaining their savings accounts.

“Two leading banks by profit, Zenith Bank Plc and GTBank, for instance, have over 8.6 million and 16 million customers respectively.

“Specifically, Zenith Bank recorded N9.57bn from account maintenance fee in the first six months of 2019. This reflects 10.76 per cent increase over N8.64bn reported in the first six months of 2018.

“GTBank Group’s audited report for the first six months of the year; N5.71bn was generated for maintaining customers account in the first six months of the year, up from N5.18bn in the first six months of 2018.

“The merger between Access Bank Plc and Diamond Bank Plc aided 96.15 per cent increase on account maintenance fees of Access Bank, moving from N3.14bn in the first six months of 2018 to N6.16bn in the first six months of 2019.

“The United Bank for Africa Plc, on the other hand, reported 16.3 per cent increase on account maintenance fees, N3.39bn, in the first six months of the year, up from N2.9bn in the first six months of 2018.” PUNCH

The President of the Bank Customers Association of Nigeria, Dr Uju Ogubunka, disclosed that the guide to charges by Banks and Other Financial Institutions in Nigeria, 2017 made no provision for “Account Maintenance Fee” however, the CBN guideline makes provisions for Current Maintenance Fee”, according to PUNCH.

Ogubunka said,

“Consequently, no bank is authorized to make this charge without first, negotiating with the customer and the agreed rate must not be more than N1.00 per mille.

“How many customers know that they ought to negotiate with banks on this fee? How many cross-check and verify the type, amount and basis of charges entered into their accounts by their banks? How many seek redress when necessary?

“Nevertheless, the Guide’s provision, directly or indirectly, places the burden on the banks. It is their responsibility to call the attention of their customers for negotiation.”

Ogunbunka beckoned on regulators and supervisors of banks in the country, such as the CBN, to investigate and confirm that banks are complying with regulatory provisions on account maintenance charges and issue appropriate sanction on banks found violating regulations.

Customers should also assess their bank account as frequently as possible in other to detect any unauthorized and unjustified deductions that might be made by their banks.

Share this Article