March 1 is “NO BANKING DAY” Protest Against Excessive Bank Charges.

Godwin Emefiele

CAFON (Consumer Advocacy Foundation of Nigeria)

Dear Nigerian Banks Customers, For many years now customers of banking services have been subjected to series of poor and unsatisfactory transactions and relationship terms.

We have endured excessive charges, illegal fees and unfair contracts that only protect the bank but does not protect the customers.

Banks debit our accounts at will for charges we never agreed to or were not aware of; they charge us for every little service; we pay for getting our statements; introduction letters; and now, some banks are charging N200 for the use of deposit and transfer forms!

Under the current CBN management, abolished fees are being reintroduced. ATM withdrawals that was free now cost N65 on 3rd withdrawals.

We pay N1000 for debit card issuance and renewals; we pay N105 for every online transfer; and they still charge N105 as Annual Debit Card Maintenance and now, a new Stamp Duty charge of N50 on every credit of over N1000 has just been introduced. COT that was supposed to end finally in 2016 is now being reintroduced as 1% of every withdrawal purportedly as Monthly Current Account Maintenance Fees!

This is unacceptable!

The fact is, Customers are being exploited by all the Banks and CBN is aiding and encouraging these exploitations. We cannot continue to endure this exploitations! That is why Customer Advocacy Foundation of Nigeria CAFON, a consumer rights NGO is calling customers to join us in protest of Banking Exploitation by declaring Tuesday, March 1, 2016 as NOvBANKING DAY! Our Demands:

a) We want bank charges reviewed downwards.
b) Banks must clear fees with customers BEFORE debiting our accounts.
c) Bank forms and contracts must be reviewed to include more protection for customers.
d) Customer complaints must be resolved promptly and satisfactorily.
e) CBN must review the new Stamp Duty Charge, Account Maintenance Charge AND Debit Card Maintenance Fees. We urge ALL Bank Users and Account Owners to boycott ALL banking services in protest of these excessive charges and policies.

That means on Tuesday March 1, 2016:

1. Don’t visit any bank or branches to transact any business.
2. Don’t use your ATM from 12:00 AM -11:59 PM on March 1.
3. Don’t log in to any of your accounts online and don’t do any transfers from 12:00AM-11:59PM.
4. Don’t make any online payments from 12:00AM- 11:59PM.
5. Don’t issue any cheques or banking instruments dated March 1, 2016.
6. Avoid doing any financial transactions on March 1 but if you must, avoid the banks!

no banking day

We can all commit to observe a No Banking Day Protest to press home our demands.vAfter all, if we don’t patronize them, they can’t be in business.

Please sign this petition if you agree to join the protest and share with your friends and family until we have mass awareness so everyone can observe the No Banking Day Protest. It is not right, so let’s use our

Signed- Sola Salako, President CAFON.