Angered by the incessant cases of arbitrary charges by commercial banks in the country, a non-governmental organisation, Consumer Advocacy Foundation of Nigeria (CAFON), had designated today, March 1, as ‘No Banking Day’.
The group called on bank customers to boycott banking services to press home the demand for radical reforms in the banking sector, especially concerning the issues of indiscriminate charges.
Speaking on the need for the boycott, the group 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 short-changed.’’
Meanwhile, the Central Bank of Nigeria (CBN) urged Nigerians to boycott the ‘No Banking Day’ directive and instead exercise vigilance against excessive bank charges and channel complaints to appropriate authorities.
However, many Nigerians appear not to have heard about the boycott or simply chose to ignore it, as they were seem thronging bank premises in Lagos.
Also, many Nigerians have gone on social media to express their views on the arbitrary charges, the banking services boycott and how best to tackle such issues.
Many also recounted personal experiences of arbitrary charges by the banks.
Read below…
The next generation of banks will be one that'll offer free wifi, free alerts, cheaper rates/fees and a whole new customer exp #NoBankingDay
— Yinka Chukwuemeka Ogunnubi (@yinkanubi) March 1, 2016
Stamp Duty 4 Dangote on N1 billion = N50. Stamp Duty on my meagre transfer to my cousin in school of N1200 = N50. Is it fair? #NoBankingDay
— Olaudah Equiano® (@RealOlaudah) March 1, 2016
That awkward moment wen ATM debits u without dispensing cash & the bank claims transaction was successful. Who took the money? #NoBankingDay
— Anthonia Orji (@AnthoniaOrji) March 1, 2016
Banks are not charity organizations, they must charge people for service rendered however they must be transparent #nobankingday
— Hamma (@HAHayatu) March 1, 2016
#NoBankingDay – I just cant get over the fact that we are charged black market rates when shopping online , card maintenance fee etc
— Kaylah (@KaylahOniwo) March 1, 2016
ATM maintenance,
Email Charges
Txt msg charges
Monthly deductions,
Vry soon We would be charged Branch maintenance #NoBankingDay
— A Child Of Curiosity (@yekeme) March 1, 2016
#NoBankingDay and I just got two transaction alerts from @gtbank for account maintenance fee and VAT!!! This is daylight extortion.
— TimiofEde (@RAkinlose) March 1, 2016
N59.72 WTax was deducted on my @wemabank savings account – instead of the erstwhile monthly interest! Why so wicked? #NoBankingDay!
— Tolulope Olorundero (@Tolucomms) March 1, 2016
#NOBANKINGDAY
Gtbank just charged me account maintenance fee
Amt: NGN1,048.45 Dr
Desc: ACCOUNT MAINTENANCE charges
— MD💚🔴⚪ (@boyemdee) March 1, 2016
It's funny some people are tweeting no banking day in banks while on queue to collect their salaries. #NoBankingDay
— Doctor YazzY (@Dr_Yazzy) March 1, 2016
Hello @SkyeBankNigeria what is the meaning of 'Monthly Fee' ? #NoBankingDay
— Victor Mathias (@victor_mbidi) March 1, 2016
All you banks that 'dash' N20 and debit N40…God knows your HQs. #NoBankingDay
— Niyi Makinde (@mayorofoyo) March 1, 2016
The sad thing abt #NoBankingDay is that it will only end as a trend on social Media. I wish we could all hit the street to send a strong msg
— A Child Of Curiosity (@yekeme) March 1, 2016
We are charged black market rates when we pay with our debit cards online. This is too wicked and unfair. It has to STOP. #NoBankingDay
— Bolarinwa Olajide (@iambolar) March 1, 2016
@CafonNg My advise is that you create a blog and collect petitions maybe if we have enough we can go after them. #NoBankingDay
— Hyke ☺ #FanOfFisayoSoyombo (@ekesunvictor) March 1, 2016
#NoBankingDay I hop it doesn't delay alert
— Izyk Onoja (@IzykOnoja) March 1, 2016
Of all my savings account, only @StanbicIBTC has been debiting the N50 stamp duty. I don't know which circular they read. #NoBankingDay
— Hyke ☺ #FanOfFisayoSoyombo (@ekesunvictor) March 1, 2016
Don't wait till Banks start charging you for just walking past their branches #NoBankingDay
— Demola Of Lagos (@OmoGbajaBiamila) March 1, 2016
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