Banks in Nigeria may see their operations and profits dip as from March 1, after a group of consumer rights protection organizations asked Nigerians to boycott the banks in protest of excessive charges and unexplained fees by banks in the country.
The “No Banking Day” aims to draw attentions of the government and the Central Bank of Nigeria to take action over the charges and fees imposed on customers who operate bank accounts.
The Consumer Advocacy Foundation of Nigeria (CAFON) and the Coalition of Nigerian Consumer Protection Associations have organized the boycott in protest against recent bank charges introduced by the Central Bank of Nigeria and Deposit Money Banks. They have asked the West African country’s bankers to avoid all forms of banking services nationwide.
The groups further decried the role of the CBN in constantly changing policies without notice instead of carrying out its responsibility of regulating the sector as well as protecting customers from exploitation, adding that under the current management of the central bank, abolished fees were being reintroduced. According to them, the CBN appears to be more sympathetic to the banks to the detriment of the vulnerable customers in view of its recent policies on bank charges.
