Nigerian banks’ high charges hindering deposits, financial inclusion drive –Consumers

*Scores of bank customers complain about countless transaction charges being charged by Deposit Money Banks, urging the Central Bank to investigate and address the issue, to sustain its financial inclusion drive in the economy

Isola Moses | ConsumerConnect

Nigerian bank customers have continued to complain over countless transaction charges by Deposit Money Banks (DMBs).

Bank customers said the development was fast discouraging them from depositing money in their bank accounts with the DMBs in the country.

Some of the affected customers, who recently spoke to the News Agency of Nigeria, in Abuja, FCT, described the situation as alarming and discouraging.

The concerned consumers of financial products and services, however, appealed to the Central Bank of Nigeria (CBN) to investigate and address the issue.

They also said the development had negated financial inclusion drive in the country’s banking and financial system.

Mrs. Helen Agodo, a customer with First Bank of Nigeria Limited, said that daily debits from her account were becoming unbearable.

Agodo appealed to the Bank Customers Association of Nigeria (BCAN) to engage the CBN, and other relevant regulatory bodies with a view to ending the unauthorised deductions, report said.

She stated: “In fact, I do not blame some people who decide not to put their monies in a bank.

“There was a day I calculated the debit alert charges that I received from my bank, it was up to N800 just for a day.

“You will now imagine the total amount the bank will get if they do the same deduction from like 1,000 to 2,000 of their customers.”

Miss Cheta Ugochukwu, a customer of Guaranty Trust Holding Company (GTCo) Plc, also described her bank charges as unfair.

Ugochukwu listed some of the charges to include SMS alert charges, Value-Added Tax (VAT), Stamp Duties, and Commission on NIP transfer, among others.

Ugochukwu as well lamented the development is not a good or sincere business model by the DMBs in Nigeria.

The customer also related her experience: “Personally, I do all my transactions electronically, and I thought that is the basis for the cashless policy of the CBN.

“My bank charged me about N996 for SMS alert in one month; this to me is too much.”

The GTBank customer further noted: “I wanted to disable my bank SMS when the amount was increased and rely only on my app receipt.

“But on a second thought, I decided to leave it but now, my mind is made up.

“I wonder how they calculate this because it is unfair with the current state of the economy.”

Mr. Usman Idris, a customer of Fidelity Bank Plc, said the bank charges had discouraged him from depositing money in his account.

Idris explained that the decision followed his ugly experience when his business money was short by N1,000 due to charges from the bank.

He recalled his experience, and stated: “I deposited money into my account but when I wanted to withdraw, I couldn’t withdraw all because of bank charges.

“This occurrence really discouraged me because at some point, I was stranded.”

Relating his own experience also, Mr. Andrew Adejoh, a customer of Zenith Bank Plc, said there was a need for the CBN to review and shelve some bank charges.

Adejoh said the review had become necessary to reduce the burden on customers.

He averred: “I think that olden days’ attitude of people keeping money in their houses has started again.

“People now prefer to keep money in their safe at home rather than the banks because of charges.

“In fact, I have lost count of the charges that my bank collects.”

Mr. Tunde Bello, a customer with Access Bank Plc, as well appealed to the CBN to heed to the complaints of customers by checking the excesses of banks in recent times.

It is recalled the CBN had earlier announced the elimination of five major bank charges by January this year.

The charges include N50 Electronic Money Transfer Levy, stamp duties on salary and investment and internal transfer fees.

The CBN said the aim of the directive was to reduce financial burdens on consumers, and increase financial inclusion in the country’s economy.

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