Banks defraud account holders monthly, CAFON cries out

By Ajibola Abayomi Lagos

Consumer Advocate Foundation of Nigeria (CAFON) has lashed out at the commercial banks for the rip- off on account holders running to billions of naira monthly via unsolicited Global System of Mobile telecommunications service (GSM) messages. Led by its Convener, Sola Salako, CAFON took to the streets of Lagos last Friday to protest what it called excessive bank charges against Nigerians. Adorning T-shirts and placards with inscription #CloseOneMillionAccount, CAFON members urged Nigerians and cooperate organisations to close all inactive accounts in order to reduce unjustifi able charges on present numbers of bank accounts put at 93 million in the country. “CAFON is saying to Nigerians, if you have more

than two accounts close the rest because the banks will continue to charge you more. Nigeria is the only country where money charged on savings account is more than the supposed interest you are being paid. Th e SMS is N4 now by next year they can increase it N8. Th is is crazy in a nation struggling with recession” said Salako. Accompanied by a Nollywood actor, Yvonne

Jegede, Salako took a swipe at the Central Bank of Nigeria (CBN) accusing the body of condoning corrupt in the banking sector. She said the banks were taking advantage of the deliberate loopholes by the CBN to defraud account holders under the guise of corporate services. “Th e way and manner banks steal money from hardworking people in the country is criminal. Th ey send account owners SMS messages and charge N4 per transaction. Banks also charge N1000 for Automated Teller Machine (ATM) card apart from the N50 maintenance fee monthly. What are they maintaining? “Not only that, there is stamp duty charge of N50 not backed by any law. Th ey also send people unsolicited birthday and other messages they don’t ask for yet the banks charge as if these services are not banking related. Th e messages on many occasions are deliberately splited just to make more money. Th is is fraud and the CBN is watching the illegality,” said Salako

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