Customers Voice Discontent Over Various Bank Fees, Encourage BCAN and CBN to Step In
In recent developments, the Bank Customers Association of Nigeria (BCAN) has taken a firm stand against what it perceives as exploitative banking practices by some Nigerian financial institutions.
BCAN, a non-governmental organisation that serves as the collective voice for Nigerian bank customers, is advocating for customer rights and educating the public on efficient banking practices. Led by President Uju Ogubunka, BCAN has been at the forefront of championing for fair banking in Nigeria.
Recent reports suggest that some banks, such as Polaris Bank and Fidelity Bank Plc, have been charging customers unreasonable fees. For instance, Polaris Bank was found to have charged a monthly SMS fee of 1,146 Naira, a violation of the Central Bank of Nigeria's (CBN) regulations that prohibit banks from charging customers for SMS alerts.
Usman Idris, a customer of Fidelity Bank Plc, has alleged that ₦3,700 was deducted from his current account as maintenance charges without prior notice. Similarly, Cheta Ugochukwu, a customer of Guaranty Trust Bank Plc, finds the charges for SMS alerts (₦1,146 for one month) and electronic money transfer levies (₦100, contrary to the ₦50 stipulated in regulation) to be unfair and excessive.
Mrs. Helen Agodo, a customer of First HoldCo Plc, has been experiencing multiple daily debit alerts from her bank, with one day seeing debit alerts totaling approximately ₦1,000.
In response to these allegations, BCAN has written to the CBN regarding the matter. According to the News Agency of Nigeria (NAN), BCAN has promised to intensify its push to stop exploitative charges and foster a more transparent banking culture in the country.
However, a bank official, who declined to be named, defended the charges, stating they were made in line with the CBN guide to bank charges. This has sparked further debate and calls for clarification from the regulatory body.
Mrs. Agodo, in her appeal to BCAN, urges the association to intervene and halt unauthorized debits from bank accounts. BCAN's membership includes both individuals and corporate account holders, making its voice a powerful one in the fight for fair banking practices.
As the regulatory body for the banking sector in Nigeria, the CBN has a crucial role to play in ensuring that banks adhere to the regulations designed to protect customers. With BCAN's continued advocacy and the public's growing awareness of their rights, it is hoped that unfair banking practices will be a thing of the past in Nigeria.
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