Nigerians unhappy over CBN’s directive on transaction charges
- Nigerians are reportedly unhappy over CBN’s directive on transaction charges
- Some Nigerians said the adjustment sent wrong signals to customers and people that did not have bank accounts
- Other Nigerians said the masses already had more than enough financial burden, and this was unnecessary
Some banks customers have expressed disappointment on the directive of the Central Bank of Nigeria (CBN) to Deposit Money Banks (DMBs) on new charges on certain lodgements and withdrawals.
A cross section of customers who spoke to News Agency of Nigeria (NAN) in Abuja on Wednesday, September 18, described the policy as unfriendly.
Alhaji Abdullahi Bello, a civil servant said the adjustment sent wrong signals to customers and people that did not have bank accounts.
Bello said there were so many charges which the DMBs had surreptitiously imposed on customers. He said now that CBN had given them the leeway for other charges, the situation would be unbearable.
“I am surprised that CBN that has been campaigning for financial inclusion and wanting to increase the number of Nigerians patronising the banking system is coming up with such interest rates. The question is how do you encourage people to bank their money when existing customers are being discouraged with all sorts of bank charges?"
Peter Kunle, a businessman, said the directive was not a good development to bank customers.
Kunle said that charges for lodgements would have been unnecessary since there was already a charge for withdrawal. He said that the masses already had more than enough financial burden, and this was unnecessary.
Cletus Magbo, also a businessman, told NAN that the news on the CBN’s directive to deposit banks came to him as a shock.
Magbo said though he was aware of the government’s cashless policy, he never knew the banks needed to charge fees on lodgements and withdrawals in an attempt to implement the policy. He stated that if the CBN could find other ways to implement the policy without charging any fees on lodgement and withdrawal, it would be better.
Recall that Legt.ng had reported that the CBN announced that the nationwide implementation of the cashless policy would begin by March 31, 2020.
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The apex bank made this known in a circular to all Deposit Money Banks (DMBs) in the country on Tuesday, September 17.
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