Nigerians are boycotting banking activities today to protest against what they termed 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.
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.
He said it is aimed at persuading Nigerian banks to review their charges downwards. They also demanded 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.
The Central Bank of Nigeria (CBN) stated that bank customers must not only insist, but demanding that their respective banks give them good service and at affordable charges, adding that bank-customer relationship is personal and contractual and should seek for redress when short-changed.
