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CAFON: Banks suffocating Nigerians with arbitrary charges

CAFON: Banks suffocating Nigerians with arbitrary charges
March 01
21:55 2016

Sola Salako, president of the Consumer Advocacy Foundation of Nigeria (CAFON), on Tuesday said 400,000 bank users lodged complaints against arbitrary charges by Nigerian banks between June 2016 and December 2016.

Salako said this on Tuesday in an interview with NAN, but did not give reasons for the ‘No Banking Day’ protest organised by CAFON.

Salako said the rate at which bank users are complaining about excessive charges is becoming alarming.

“The protest has become expedient due to constant complain by banks’ customers over excessive charges,” she said.


“Nigerians are known to be very tolerant. They will not complain about anything until it gets to an unbearable level.

“When it gets to a crescendo and you go online, you see people posting their complaints over excessive bank charges

“It (bank charge) has become more alarming and it is because the customers are complaining to us as an NGO that looks at the right things that we thought it time to urge Nigerians to defend their rights.


“It is not every time you get angry to the point of becoming destructive.”

Salako alleged that the bankers’ committee had been fixing charges without recourse to bank users.

She said the committee determined “what is profitable to the banks at the detriment of bank users’’.

Salako said that the banks further extended their proposal to the Central Bank of Nigeria (CBN) for acceptance.


She said some years ago, the apex bank abolished ATM charges as well as COT charges on current account, expressing surprise that the charges had been reintroduced.

“We now pay for using other banks’ ATMs, Annual Debit Card maintenance charges and other charges,’’ she said.

Salako said that there were no noticeable interest rates on savings account.


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