The
Consumer Advocacy Foundation of Nigeria has called on Nigerians to
boycott all banking activities tomorrow (Tuesday) to protest excessive
and unwarranted charges by Nigerian banks who are extorting customers.
The Consumer Advocacy Foundation of Nigeria (CAFON), a consumer
advocacy group in Nigeria has declared Tuesday March 1st as
#NoBankingDay, to protest excessive bank charges which include N65
charge on every 3rd withdrawal from other banks.
This was made public in a statement release on its site which reads:
"March 1 is " No Banking Day" Protest against excessive bank charges.
"Dear Nigerian Banks Consumers For many years now, consumers
of banking services have been subject to series of poor and
unsatisfactory transaction and relationship terms.
"We have endured excessive charges, illegal fees and unfair
contracts that only protects the bank but does not protect the
consumers. Banks debit our accounts at will for charges we never agreed
to or were not aware of; they charge us for every little service; we pay
for getting our statements; introduction letters; and now, some banks
are charging N200 for the use of deposit and transfer forms!
"Under the current CBN management, abolished fees are being
reintroduced. ATM withdrawals that was free now cost N65 on 3rd
withdrawals. We pay N1000 for debit card issuance and renewals; we pay
N105 for every online transfer; and they still charge N105 as Annual
Debit Card Maintenance and now, a new Stamp Duty charge of N50 on every
credit of over N1000 has just been introduced. COT that was supposed to
end finally in 2016 is now being reintroduced as 1% of every withdrawal
purportedly as Monthly Current Account Maintenance Fees! This is
unacceptable!
"The fact is, Consumers are being exploited by all the banks
and CBN is aiding and encouraging these exploitations. We cannot
continue to endure this exploitations! That is why Consumer Advocacy
Foundation of Nigeria CAFON, a consumer rights NGO is calling consumers
to join us in protest of Banking Exploitation by declaring Tuesday,
March 1 2016 as NO BANKING DAY! Our Demands a) we want bank charges
reviewed downwards b) banks must clear fees with consumers BEFORE
debiting our accounts c) bank forms and contracts must be reviewed to
include more protection for consumers d) Consumer complaints must be
resolved promptly and satisfactorily d) CBN must review the new Stamp
Duty Charge, Account Maintenance Charge AND Debit Card Maintenance Fees.
"We urge ALL consumers to boycott ALL banking services in
protest of these excessive charges and policies. That means on Tuesday
March 1, 1. Don't visit any bank or branches to transact any business 2.
Don't use your ATM from 12a.m -12 midnight on March 1 3. Don't log in
to any of your accounts online and don't do any transfers from 12am-12
midnight 4. Don't make any online payments from 12am- 12 midnight 5.
Don't issue any cheques or banking instruments dated March 1, 2016 6.
Avoid doing any financial transactions on March 1 but if you must, avoid
the banks! We can all commit to observe a No Banking Day Protest to
press home our demands.
"After all, if we don't patronize them, they can't be in
business. Please sign this petition if you agree to join the protest and
share with your friends and family until we have mass awareness so
everyone can observe the No Banking Day Protest. It is not right, so
let's use our Rights!
Signed Sola Salako President CAFON"
