Multiple bank charges worry CBN

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December 08, 2006/punch

 

 

<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><SPAN lang=EN-GB>The Central Bank of </SPAN><?xml:namespace prefix = st1 ns = \"urn:schemas-microsoft-com:office:smarttags\" /><st1:country-region><st1:place><SPAN lang=EN-GB>Nigeria</SPAN></st1:place></st1:country-region><SPAN lang=EN-GB> has set up a committee to review the various charges being levied by banks on transactions. The action was informed by the growing complaints of bank customers over the multiple of deductions on their savings and deposit accounts by banks. <?xml:namespace prefix = o ns = \"urn:schemas-microsoft-com:office:office\" /><o:p></o:p></SPAN></P>
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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><SPAN lang=EN-GB>The CBN Governor, Prof. Charles Soludo, who announced the setting up of the committee, described the initiative as a direct response of the CBN leadership and the Bankers’ Committee to move against any impediments to banking.<o:p></o:p></SPAN></P>

 

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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><SPAN lang=EN-GB>The CBN Governor had warned that by charging multiple of rates for bank services, the campaign to encourage Nigerians to imbibe banking culture cannot materialise as the unrestrained deductions from the customersÃÃâ€

 

’¢â‚¬â„¢ accounts could discourage them from keeping their money in banks.<o:p></o:p></SPAN></P>
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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><SPAN lang=EN-GB>Soludo, who spoke at a press conference on new policy framework for banks in </SPAN><st1:City><st1:place><SPAN lang=EN-GB>Lagos</SPAN></st1:place></st1:City><SPAN lang=EN-GB>, on Monday, said that the committee would study all the charges in banks and offer suggestions on how some of them could be aligned in the overall interest of the nation’s economy.<o:p></o:p></SPAN></P>

 

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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><SPAN lang=EN-GB>Apart from the popular commission on transactions, deductions are also made on withdrawals and sale of new cheque books among others.<o:p></o:p></SPAN></P>
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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><SPAN lang=EN-GB>But Soludo said that the desperation of banks to make more money through unrestrained deductions from customers’ account was being overstretched, adding the development would only drive more people away from banks.<o:p></o:p></SPAN></P>

 

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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><SPAN lang=EN-GB>He, however, blamed customers of banks for the development, saying some customers were too much in a hurry to check their balances before and after transactions. “Most people are always in a hurry when they go to banks. Most of them rush to collect their money, not bothering to check their balances and how much was deducted from their accounts,” he said.<o:p></o:p></SPAN></P>

 

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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><SPAN lang=EN-GB>According to him, similar impatience is displaced by customers taking facilities from banks as most of them often fail to notice some of the conditions for such loans. He stressed the need to concretise the gains of consolidation by making the environment conducive and free of all the factors that could discourage banking.<B><I><SPAN style=\"COLOR: silver\"> - punch</SPAN></I></B><o:p></o:p></SPAN></P>

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