The South-East Amalgamated Markets Traders Association has criticized commercial banks for imposing “multiple and indiscriminate levies and deductions on clients”.
In an open letter to the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, the association expressed their dissatisfaction with the bank charges, which was made accessible to our correspondent in Enugu on Monday.
It was signed by Chief Gozie Akudolu, the President-General, and Mr Alex Okwudiri, the Secretary-General.
It said, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same and perform such other transactions for and as directed by the customer through various bank instruments.
“Most of the transactions, we also know, are the social responsibility of the banks. But today, the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature”.
The cashless economy policy of the CBN, the association points out, has been of immense benefit to its members, especially as it has curtailed to the bare minimum armed robbery attacks against them.
“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 a service charge”.
The group claimed that its members had approached the banks individually to express their dissatisfaction, but that they had been unsuccessful.
As a result, it urged the CBN governor to persuade banks to end “indiscriminate charges and deductions” and, if feasible, to reimburse all deductions.
Recall that, Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), said that inflation remains above the monetary authority’s target range of six to nine per cent, and that cautious efforts must be made to keep it under control.