Nigerians To Shun Banks Today, As They Say No To High Charges

Nigerians are boycotting banking activities today to protest against what they term exorbitant deductions by banks, among other reasons.

A not-for-profit group, Consumer Advocacy Foundation of Nigeria (CAFON), dedicated to advocacy for consumer rights and protection is leading the protest. Led by Sola Salako, CAFON and the Coalition of Nigerian Consumer Protection Associations have designated March 1, 2016, as a "No Banking Day", calling on banks' customers to boycott all forms of banking activities and banks.

According to Salako, the #NoBankingDay is aimed at persuading Nigerian banks to review their charges downwards. The group is also calling for a review of bank forms and contracts to include more protection for consumers and for consumer complaints to be resolved promptly and satisfactorily.

Other demands are that banks must clear fees with consumers before debiting their accounts and that CBN must review the new Stamp Duty Charge, Account Maintenance Charge and Debit Card Maintenance Fees.