CBN calls for vigilance against excessive charges

Source: vanguardngr

LAGOS — 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.

Consequently, 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.