Caution commercial banks over excessive charges, social crusader advises FG
By Everest Ezihe, Owerri
Worried by lamentations of most Nigerians, on the series of charges commercial banks in Nigeria deducts from their customers, Chief Arthur Obiora has enjoined the Federal Government to caution them on the need for serious reduction and elimination.
Obiora who’s a renowned social crusader and astute member of Daddy Hezekiah’s Living Church Mission said this in Owerri on Sunday while addressing news men on alleged exploitations of bank customers in Nigeria by the commercial banks through unchecked excessive charges.
“Despite the billions in profits, they declare quarterly, it is evident that many of these earnings stem from unfair practices, burdening unsuspecting customers with multiple and indiscriminate charges and deductions.
” While there are approved charges such as stamp duty, SMS alert, monthly ATM Card maintenance fee, ATM replacement/renewal fee, Unstructured Supplementary Service Data (USSD) fee, etc., banks often levy multiple charges under the same heading or even without proper justification.
This exploitation is deeply worrisome, as banks, meant to profit through interest from loans, resort to unscrupulous means to accumulate additional revenue at the expense of their customers.
Obiora observed that the lack of regulatory action from the Central Bank of Nigeria, (CBN) exacerbates the issue, despite receiving numerous complaints. While the CBN boasts of reversing over N89 billion from reported cases, the absence of punitive measures against offending banks fails to deter such behavior.
He pointed out that the practice of converting foreign currency remittances to customers into Naira at unfavorable rates, instead of paying the customer the foreign currency which is his or her right further illustrates the predatory nature of Nigerian commercial banks.
This he insisted denies customers the right to choose platforms with better exchange rates, perpetuating financial bullying and limiting their financial freedom.
The social crusader further said that It’s Imperative for the CBN, alongside other regulatory bodies and government agencies, including the Presidency, the National Assembly, Governors Forum, and the Ministry of Finance, to practically address these exorbitant deductions and ensure fair banking practices for all Nigerians.
Obiora also stated that the excruciating hardship in the country today is so disheartening and unbearable that banks in Nigeria should seize from giving Nigerians inhuman treatment.
