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Nairaland Forum / Nairaland / General / Business / CAFON To Boycott Banking Services March 1, Accuses CBN Of Aiding Exploitation (685 Views)
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CAFON To Boycott Banking Services March 1, Accuses CBN Of Aiding Exploitation by jidowu84: 10:19am On Feb 15, 2016 |
Consumer Advocacy Foundation of Nigeria (CAFON) has
accused the Central Bank of Nigeria (CBN) of aiding banks
to exploit bank customers and called on Nigerian to
participate in No Banking Day, on March 1st, when bank
customers will shun all banking services to protest
excessive bank charges.
Sola Salako, president of CAFON, in a petition stated, “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 protect 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 were 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 these 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 are: We want bank charges reviewed
downwards; Banks must clear fees with consumers before
debiting our accounts; Bank forms and contracts must be
reviewed to include more protection for consumers;
Consumer complaints must be resolved promptly and
satisfactorily; 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!” |
Re: CAFON To Boycott Banking Services March 1, Accuses CBN Of Aiding Exploitation by nnachukz(m): 10:30am On Feb 15, 2016 |
Good. Buhari and his subordinates want us to pay through our nose. Everything is increasing arbitrarily with no one asking questions. Even EEDC bill, has increased substantially with no corresponding increase in service delivery. The promise of change has proved to be a promise of chain. |
Re: CAFON To Boycott Banking Services March 1, Accuses CBN Of Aiding Exploitation by justmenoni: 10:54am On Feb 15, 2016 |
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