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 Will Nigerians boycott banks on Tuesday?

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smile2012
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Will Nigerians boycott banks on Tuesday? Empty
PostSubject: Will Nigerians boycott banks on Tuesday?   Will Nigerians boycott banks on Tuesday? Empty2016-02-28, 14:01

If Nigerians heed the call by the Consumer Advocacy Foundation of
Nigeria (CAFON) and Coalition of Nigerian Consumer Protection
Associations, banks across the country, on Tuesday, March 1, will be
empty.
The group wants Nigerians to boycott the banks on that day in protest
against alleged arbitrary charges imposed on customers by the
financial institutions. This is coming weeks after the Central Bank of
Nigeria (CBN) imposed N50 on customers as compulsory stamp duty
on deposits of N1,000 and above. The charge, however, is collected
on behalf of NIPOST and the Federal Government and it goes to the
Federation Account. Only last week, the CBN said it got banks across
the country to return excess charges, estimated at N6.2billion, to
customers.
Our investigations revealed that, aside normal bank charges
associated with daily transactions, depositors are exposed to many
hidden charges as well as what financial experts described as
arbitrary charges.
Charges enormous – Mikail, Shareholders Association boss
In a chat, the National President, Constance Shareholders Association
of Nigeria, Mr. Shehu Mikail, explained that the banks are facing a lot
of challenges in the operating environment, saying, however, that this
does not justify some of the charges. He said, “The reality is that,
banks have to collect certain charges to sustain their operations, in
order to remain in business. They have to pay their staff, give
dividends to shareholders and carry out general maintenance of their
facilities. The banks spend a lot of money to buy diesel daily to
generate power due to erratic electricity supply in the country. So, at
the end of month, they transfer some of the costs to customers as
bank charges. We are not saying that banks should not collect
charges from customers, because they need some of these charges to
stay afloat in business. But the issue is that, the charges are so
enormous and, if not checked, may have adverse effect on the
cashless monetary policy already in place. For instance, a large part
of Nigeria is still un-banked, and if these numerous charges are not
curtailed, many people who are already using the services of banks
may stop patronising them”.
Responding to what the Bankers Committee, which often meet to
examine issues in the financial sector, is doing currently to tackle the
challenges in the sector, he said, “It is clear that the Bankers
Committee, at present, does not know exactly what to do, in order to
turn around the financial sector of the economy, especially in the issue
of forex crisis rocking the sector. So, deliberate and consistent
government policies are needed to restructure the sector for greater
efficiency, especially in the aspect of exchange rate that is affecting
virtually everything in the economy now.”
CBN, Bankers’ Committee and bank charges:
It could be recalled that the cashless policy was first introduced by
CBN on January 1, 2012 in Lagos State, where the higher proportion
of cash circulates daily as a pilot study to test-run the process. Thus,
the CBN and the Bankers Committee, in November 2012, agreed to
abolish all charges associated with the use of ATMs, in order to
increase patronage of ATMs, thereby deepening financial inclusion
strategy of the apex bank. So, in December, 2012, they abolished the
payment of N100 ATM withdrawal charge by depositors. They
transferred the payment of the N100 fee to the issuing banks,
stressing that the fee be split between the acquiring bank, issuing
bank and switch companies. But, on August 13, 2014, the same
Committee and the CBN re-introduced ATM charge of N65 instead of
N100, to be paid by individual customers.
The circular, signed by the Director of Banking and Payment Systems
Department of CBN then, Mr. Dipo Fatokun, stated, “The CBN agreed
to re-introduce ATM charge because the cost of transaction was
becoming too burden some for the banks to bear. The circular from
September 1, 2014 shall be effective date for the implementation of
the new charge. Banks are expected to conduct adequate sensitisation
to the customers on introduction of the new fee. As a result of the un-
intended consequences of the decision, which has resulted in
substantial cost burden incurred by banks in defraying the cost of the
service, the payment structure for card carrying bank customers is
hereby reviewed in line with the present realities”.
Customers’ angle
When Sunday Vanguard visited some commercial banks in Lagos,
customers were seen carrying out their normal transactions. It was
also observed that, some banks had more customers in the banking
halls and at the ATM points, while other places were very scanty.
Some of the depositors who spoke during the visit blamed the CBN for
re-introducing ATM charged that was abolished by the former
governor of CBN, Sanusi Lamido Sanusi, while other said that banks
are making a lot of money from customers, yet they keep on
retrenching, even as many of their workers are on contract.
A customer at Oluwo, Ikeja branch of First Bank, who gave her name
as Mrs. Gloria Moses, said, “The apex bank that regulates activities of
commercial banks is acting as if it is panicking, especially in the area
of foreign exchange. If you look at the forex policies of the CBN
critically, you can easily realise that the current CBN is already
panicking. To me, the re-introduction of ATM charge after it was
removed by the same CBN was unnecessary. For that reason, I don’t
use ATM of other banks for withdrawal since that charge was brought
back. I simply withdraw from my own bank to avoid paying extra
charge. It seems the CBN is even losing focus on what the banking
public actually want, which is a reduction in interest rate for industries
to thrive and create jobs for the masses. I think the re-introduction of
ATM charge constitutes policy inconsistency”.
Perspective of advocacy group/Objective
Some of the practices mentioned by CAFON, which necessitated the
action against banks excessive charges, unexplainable fees and unfair
contracts designed to protect the financial institutions to the detriment
of the banking public. Others are indiscriminate debiting of customers’
accounts for charges that are arbitrary and unilateral changes in
interest rates by banks, and this without prior notice to the
consumers.
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ancl
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ancl

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Will Nigerians boycott banks on Tuesday? Empty
PostSubject: Re: Will Nigerians boycott banks on Tuesday?   Will Nigerians boycott banks on Tuesday? Empty2016-02-29, 09:45

Impossible 9ja like money die
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smile2012
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Will Nigerians boycott banks on Tuesday? Empty
PostSubject: Re: Will Nigerians boycott banks on Tuesday?   Will Nigerians boycott banks on Tuesday? Empty2016-02-29, 17:43

we will do so
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Ayusguy
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Will Nigerians boycott banks on Tuesday? Empty
PostSubject: Re: Will Nigerians boycott banks on Tuesday?   Will Nigerians boycott banks on Tuesday? Empty2016-03-01, 06:05

do watin, maybe for just few months.
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peter pan
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Will Nigerians boycott banks on Tuesday? Empty
PostSubject: Re: Will Nigerians boycott banks on Tuesday?   Will Nigerians boycott banks on Tuesday? Empty2016-03-01, 07:47

[You must be registered and logged in to see this link.] wrote:
Impossible 9ja like money die
we are not talking of how nigeria love money bro.
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peter pan
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Will Nigerians boycott banks on Tuesday? Empty
PostSubject: Re: Will Nigerians boycott banks on Tuesday?   Will Nigerians boycott banks on Tuesday? Empty2016-03-01, 07:49

[You must be registered and logged in to see this link.] wrote:
do watin, maybe for just few months.
they can neva do their promise.
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ancl
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ancl

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Will Nigerians boycott banks on Tuesday? Empty
PostSubject: Re: Will Nigerians boycott banks on Tuesday?   Will Nigerians boycott banks on Tuesday? Empty2016-03-01, 13:20

9ja like money die
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Will Nigerians boycott banks on Tuesday? Empty
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