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#NoBankingDay: Mixed Reactions Trail Call To Spurn Banking Services

3 Min Read

Angered by the incessant cases of arbitrary charges by commercial banks in the country, a non-governmental organisation, Consumer Advocacy Foundation of Nigeria (CAFON), had designated today, March 1, as ‘No Banking Day’.

The group called on bank customers to boycott banking services to press home the demand for radical reforms in the banking sector, especially concerning the issues of indiscriminate charges.

Speaking on the need for the boycott, the group said:  ‘’It is pertinent to note that the Nigerian banking system had seen radical reforms in recent years in order to drive the Vision 20: 2020 programme. As part of this broad policy initiative the Central Bank of Nigeria, CBN, rolled out the cashless policy with a number of options in the electronic payment systems, including the mobile banking.

“To achieve this, the CBN had enlisted electronic and telecom service providers to ensure convenience and safety.

‘’In addition, the Bank also set up the Consumer Protection Department, CPD, saddled with the responsibility of ensuring that bank customers are not unduly   short-changed by the commercial banks.

“Meanwhile, it is equally expected that while the regulators are doing their bit, bank customers must not only insist, but persist in demanding that their respective banks give them good service and at affordable charges.

‘’Nigerians should note that the bank-customer relationship is personal and contractual and should seek for redress when short-changed.’’

Meanwhile, the Central Bank of Nigeria (CBN) urged Nigerians to boycott the ‘No Banking Day’ directive and instead exercise vigilance against excessive bank charges and channel complaints to appropriate authorities.

However, many Nigerians appear not to have heard about the boycott or simply chose to ignore it, as they were seem thronging bank premises in Lagos.

Also, many Nigerians have gone on social media to express their views on the arbitrary charges, the banking services boycott and how best to tackle such issues.

Many also recounted personal experiences of arbitrary charges by the banks.

Read below…

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