• Latest
  • Trending
  • All
  • LATEST NEWS
  • SPONSORED POSTS
  • BANKING
  • Cryptocurrency
  • Job Past Questions
  • PRICE WATCH
  • VIEW POINT
  • ECONOMY
  • Careers
  • Press Release
  • Breaking News
  • education news
  • Personal Finance
  • Networth
Access Bank Shares Fall as Wigwe Buys 6.8 million Units for N46m

Crises looms in Nigeria’s banking sector as Customers lament indiscriminate charges

February 13, 2022
A Comprehensive Guide to the European Union Blue Card

Unlocking Opportunities: A Comprehensive Guide to the European Union Blue Card

August 31, 2024
Naira Redesign Policy Causes Banks' Deposits with CBN to Plummet by 95.82%

Currency in Circulation hits all-time-high Fueling Inflationary Pressures

August 29, 2024
Ecobank Nigeria Launches Oja Oge Pop up Marketplace to Empower SMEs

Ecobank Nigeria Launches Oja Oge Pop-up Marketplace to Empower SMEs

August 28, 2024
inflation Push Over 31 Million Nigerians into Acute Food Shortage

Insecurity and Economic Woes Push Millions of Nigerians into Acute Food Crisis

August 28, 2024
NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

August 27, 2024
Food Prices in Nigeria Soar in July 2024

Food Prices in Nigeria Soar in July 2024: Beans, Eggs, and Yam Lead the Surge

August 27, 2024
Fed Rate Cuts Could Offer Respite for Nigeria’s Naira and Economy

Fed Rate Cuts Could Offer Respite for Nigeria’s Naira and Economy

August 27, 2024
Nigeria's Manufacturing Sector Struggles in Q2 2024

Nigeria’s Manufacturing Sector Struggles in Q2 2024: Growth Slows Amid Economic Challenges

August 27, 2024
Nigeria's Agricultural Sector Shows Modest Growth in Q2 2024

Nigeria’s Agricultural Sector Shows Modest Growth in Q2 2024: Crop Production Remains Key Driver

August 27, 2024
Nigeria's Economy Grows by 3.19% in Q2 2024

Nigeria’s Economy Grows by 3.19% in Q2 2024: Services and Industry Lead the Charge

August 27, 2024
States Share $71 Billion in Seven Years, But Poverty Persists

States Share $71 Billion in Seven Years, But Poverty Persists: What’s Going Wrong in Nigeria?

August 26, 2024
Interest Rate Hikes, Inflation Squeeze Profit Margins for Nigerian Paint Manufacturers

Interest Rate Hikes, Inflation Squeeze Profit Margins for Nigerian Paint Manufacturers

August 26, 2024
  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise
Sunday, July 20, 2025
  • Login
Financial Watch
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
Financial Watch
No Result
View All Result
Home BANKING

Crises looms in Nigeria’s banking sector as Customers lament indiscriminate charges

by Sam Gabriel
February 13, 2022
in BANKING
0
Access Bank Shares Fall as Wigwe Buys 6.8 million Units for N46m

Access Bank Shares Fall as Wigwe Buys 6.8 million Units for N46m

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Crises looms in Nigeria’s banking sector as Customers lament indiscriminate charges – Crises may hit the banking sector baring urgent intervention by the Central Bank of Nigeria (CBN) as Customers are complaining about indiscriminate and unexplained charges on their accounts by various banks.

The bank customers, in separate interviews with the News Agency of Nigeria (NAN) in Abuja on Saturday, complained that attempts to get clarification from their banks were usually met with unsatisfactory responses.

Mr Razak Jubrin, a customer with one of the banks, said that he usually noticed unexplained deductions in his savings account whenever he carries out a transaction.

“Sometimes, when I recharge my phone through the bank App, I notice certain charges which are not explained.

“Sometimes, they debit you and fail to credit your phone with the airtime purchased, and they hardly ever refund your money until you call their Customer Service Desk or even visit the bank to resolve the transaction,’’ he said.

Another bank customer, Yakubu Ibrahim, complained about continuous charges in an account he had not been operating.

“I have not been operating a particular account in one of the banks for some time, but I keep getting alerts of deduction by the bank,’’ he said.

Some customers complained that ATM machines in many banks were programmed not to dispense more than N10,000 at a time to enable them to charge customers who carry out multiple transactions.

Others complained that whenever they made transactions through Point of Sail service, they get exploited by the banks.

Recently, the Southeast Amalgamated Markets Traders Association sent a complaint to the CBN over multiple and indiscriminate charges and deductions made by the banks.

The association complained that most of the transactions were the social responsibility of the banks.

It said that the banks made deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

Responding, Mr Osita Nwanisobi, CBN’s spokesman advised bank customers with unresolved complaints to contact the CBN.

Nwanisobi said that the apex bank would ensure that bank customers with issues of excess charges and unauthorised withdrawals got a redress.

He said that the CBN had since issued a circular on its website, showing all legitimate bank charges, adding that any charge outside what was stated in the circular would be illegal.

“What you should be asking the bank customers is if they have reported those incidents to the CBN. We work based on the information we receive,’’ he said.

Meanwhile, the CBN, in a circular, advised customers to allow banks to resolve their complaints within two weeks.

The apex bank advised: “If your bank fails to resolve the complaint within two weeks, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN.

“You can only direct your complaints to the CPD upon the failure of your bank to resolve your complaint within the two weeks.’’

The News Agency of Nigeria (NAN) recalls that the CBN recently reduced ATM withdrawal charges, inter-bank transfer fees and charges for electronic banking transactions.

The apex bank made the review in its “Revised guidelines to charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions.’’

Charges like ATM withdrawals were reduced from N65 to N35 after the third withdrawal within the same month. CBN also cut inter-bank transfers to maximum of N50 from N300 per transaction.

(NAN)

Tags: CBNcharges
Share196Tweet123
Previous Post

Court Directs Polaris Bank, Ecobank to Pay Judgment Creditor N6.6m

Next Post

Jamb News: 10 trending 2022 UTME news today

Sam Gabriel

Sam Gabriel

Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

Next Post
Jamb cut off mark for univerities and polytechnics in Nigeria

Jamb News: 10 trending 2022 UTME news today

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Stanbic IBTC launches Africa-China Agent Value Proposition

List of Stanbic IBTC bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
Banks Employ More Contract Staff as full staff continue to dwindle

Nigerian bank employee grades and levels

June 14, 2021
N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account

N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account

November 17, 2020
Zenith Bank2

List of Zenith bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
Union Bank2

List of Union bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
How buy 2019 JAMB 2019 UTME form/ registration PIN online

UTME result: How to Check JAMB Result 2022 – Jamb Result Checker

1333
JAMB Result checker 2020 out | www jamb org ng result checker

Utme 2021: Check JAMB Results Using JAMB Registration Number

1146
List of JAMB Approved CBT Centres In Abia State 2020/2021 | Abia State Jamb Cbt Centres

Jamb Portal 2021: How to check Jamb Results – jamb.org.ng/efacility

523
P Yes registration

www.p-yes.gov.ng – Register For P-YES Progeamme Portal – Apply Now

436
Breaking: JAMB releases more 15,490 UTME results

JAMB Results 2021 Online Checking Steps | www.jamb.org.ng Result

316
A Comprehensive Guide to the European Union Blue Card

Unlocking Opportunities: A Comprehensive Guide to the European Union Blue Card

August 31, 2024
Naira Redesign Policy Causes Banks' Deposits with CBN to Plummet by 95.82%

Currency in Circulation hits all-time-high Fueling Inflationary Pressures

August 29, 2024
Ecobank Nigeria Launches Oja Oge Pop up Marketplace to Empower SMEs

Ecobank Nigeria Launches Oja Oge Pop-up Marketplace to Empower SMEs

August 28, 2024
inflation Push Over 31 Million Nigerians into Acute Food Shortage

Insecurity and Economic Woes Push Millions of Nigerians into Acute Food Crisis

August 28, 2024
NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

August 27, 2024
Financial Watch

Copyright © 2023 Financial Watch.

Navigate Site

  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH

Copyright © 2023 Financial Watch.