Petitioning Nigerian Bank Consumers
Join CAFON to declare March 1st "No
Banking Day" in protest of excessive
bank charges!
March 1 is " No Banking Day" Protest
against excessive bank charges Dear
Nigerian Banks Consumers For many years
now, consumers of banking services have
been subject to series of poor and
unsatisfactory transaction and relationship
terms. We have endured excessive charges,
illegal fees and unfair contracts that only
protects the bank but does not protect the
consumers. 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,
Consumers 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
Consumer Advocacy Foundation of Nigeria
CAFON, a consumer rights NGO is calling
consumers to join us in protest of Banking
Exploitation by declaring Tuesday, March 1
2016 as NO BANKING DAY! Our Demands
a) we want bank charges reviewed
downwards b) banks must clear fees with
consumers BEFORE debiting our accounts
c) bank forms and contracts must be
reviewed to include more protection for
consumers d) Consumer complaints must
be resolved promptly and satisfactorily d)
CBN must review the new Stamp Duty
Charge, Account Maintenance Charge AND
Debit Card Maintenance Fees. We urge ALL
consumers to boycott ALL banking services
in protest of these excessive charges and
policies. That means on Tuesday March 1,
1. Don't visit any bank or branches to
transact any business 2. Don't use your
ATM from 12a.m -12 midnight on March 1
3. Don't log in to any of your accounts
online and don't do any transfers from
12am-12 midnight 4. Don't make any
online payments from 12am- 12 midnight
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! We can
all commit to observe a No Banking Day
Protest to press home our demands. After
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 Rights!
Signed Sola Salako
President CAFON
