Nigerians To Shun Banks Today, As They Say No To High Charges

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Nigerians are boycotting banking activities today to protest
against what they term exorbitant deductions by banks, among other reasons.
A not-for-profit group, Consumer Advocacy Foundation of
Nigeria (CAFON), dedicated to advocacy for consumer rights and protection is
leading the protest. Led by Sola Salako, CAFON and the Coalition of Nigerian
Consumer Protection Associations have designated March 1, 2016, as a “No
Banking Day”, calling on banks’ customers to boycott all forms of banking
activities and banks.
According to Salako, the #NoBankingDay is aimed at
persuading Nigerian banks to review their charges downwards. The group is also
calling for a review of bank forms and contracts to include more protection for
consumers and for consumer complaints to be resolved promptly and
satisfactorily.
Other demands are that banks must clear fees with consumers
before debiting their accounts and that CBN must review the new Stamp Duty
Charge, Account Maintenance Charge and Debit Card Maintenance Fees.

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