Southeast Traders Make Strong Move Against Nigerian Banks

Southeast Traders Make Strong Move Against Nigerian Banks

  • A southeast traders' association is not having is easy with various commercial banks across Nigeria
  • The traders have taken to writing petitions against commercial banks over what they described as indiscriminate charges on their accounts
  • In their petition, the traders urged the Central Bank of Nigeria to prevail on the banks and stop the indiscriminate charges

Traders in the southeast region have decried the illegal and multiple charges made on their accounts by various Nigerian banks.

The traders under the aegis of the South-East Amalgamated Markets Traders Association also wrote a petition to the Central Bank of Nigeria (CBN) over what it described as an indiscriminate deduction on customers accounts.

CBN Governor
Traders have asked the CBN governor to prevail on banks and stop the indiscriminate charges Photo: Godwin Emefiele
Source: Facebook

The Punch reports that the association in an open letter to the CBN governor, Godwin Emefiele, said it is a well-known fact that the major responsibility of commercial banks is to accept deposits and process withdrawals from customers.

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Signed by the president-general and secretary-general of the association, Gozie Akudolu and Alex Okwudiri, the letter said that most of the transactions done by accounts owners are the social responsibility of the banks.

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The association, however, said that lately, banks across the country make deductions and charges for almost every transaction done by customers.

Vanguard also reports that the association noted that while the cashless policy of the CBN has been of great benefit to its members especially in the boycott of robbery attack, it has also become a bane for their business following the indiscriminate charges.

The association's letter to CBN read in part:

“When a customer makes an online transfer of funds, the transfer is charged a certain amount of money deducted from his/her account and the recipient’s account is also charged and deductions made for receiving the money."

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“In addition, charges and deductions are also made for SMS, which most of the time were not received. Finally, at intervals, charges and deductions will be made on the same account as service charge.”

While calling on the CBN to prevail on banks to quit its 'criminal activities on customers' accounts, the association also said its members had individually approached the banks to complain but without success.

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