Nigerian Banking system some years back brought a policy of charging on any transaction of the N52.50k charges and also if you use ATM card of a bank on another Bank machine three times you will be charged N65 and the most painful part is Monthly Card maintenance fee.
The Nigerian Banking Sector is an unfortunately over-bloated industry that thrives on systemically entrenched policies that defraud us Nigerians and lives on cheating the average citizen of the hard-earned money that is entrusted in their care to help save and invest.
You want to send money to someone from your Nigerian bank account and you first have to plan an extra 52 naira 50kobo, Money that is electronically sent from one Nigerian bank account to another Nigerian bank account.
What exactly are the charges for? Why is this fraud tolerated?
This is systemic corruption and a fundamental banking fraud aimed at impoverishing us Nigerians.
According to Dr Olufunmilayo who spent so many years in the United kingdom shared her experience with Nigeria Banks. She has about three to four UK Bank Cards both credit cards and debit cards, which she said she has NEVER paid any such thing as a “Card Maintenance Fee”. NEVER EVER.
Quoting Doctor Olufunmilayo: 'I have lived in the UK a few years now and NEVER has my bank ever charged me one penny for bank transfer. NEVER. NOT ONCE.
I’m sorry. But that 52 naira 50kobo that Nigerian banks deduct per transaction, what exactly is it for?
Why is no one speaking out against this blatant fraud?
Next is the fraudulent “Card Maintenance Fees” by our Nigerian banks. Please, how are you maintaining a card that lives in my wallet?
Someone said the charges go to NIPOST. I want to believe it is mere trolling as it makes absolutely no sense. Please, How is Nipost involved in an ELECTRONIC money transfer?
Did I put the money in an envelope and post it? Or what?
We deserve better. This is systemic cruelty.
When I applied for ATM Cards in the UK (both debit and credit), I was NEVER charged a penny.
The card is given free.
And “maintenance”, if there’s any such thing, is done free.
IF we never get the chance to see how things happen in other places, we won’t know we are being cheated.
When I applied for an ATM Card in Nigeria, I was charged 1,000 nairas to have one.
And I’m being charged some extra regularly in the presence of an imaginary “Card Maintenance Fees”.
With all these charges and the new policy of our dear government is trying to restrict us from carrying cash around, we would like to look deep in the calculation of all these forceful fee charges by Banks.
Let’s do a little maths, dear friends.
According to NIBSS, as at December 2017, there was almost 65,000 daily Electronic Fund Transfers in 2017. At N52.50k per transaction, that’s over 3 million nairas a day and about 1 billion nairas a year.
Should this Fraud/Scam continue?' How much are these Banks giving savings account holders? this is a means of stealing and scamming Nigerian populace, I think its high time we speak out and get our right.
Culled from Doctor Olufunmilayo experience.

The government robs You through taxes,
The banks rob You through bank charges,
The church robs You through Tithes,


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