tot:


No one is saying they shouldn't charge, the issue is they are charging INDISCRIMINATELY. N22 bn for goodness sake!

Nigerian banks should become innovative and create opportunities for value rather than being intellectually lazy, flat charging a whole population as many charges as possible.

Now I understand you. The laziness of banks is also a factor of environment. For long the government has kept interest rates at 14% . If I can take deposits from people and loan to government at 14% -18%(treasury bills and bonds ) for doing nothing why stress myself lending to the real sector with all the risks involved .

However that seems to have changed as the CBn has crashed the treasury Bill rates and introduced a 70% loan to deposit ratio. The result of this policy Is already being felt in the retail segment and with time businesses will be able to access credit .

Changing a system is very tough because benefactors of the old (bad) system will continuously resist any reforms to control there interests. For instance the sector needs another consolidation as our banks are still weak in terms of capital base . However it’s not an easy task as the current operators with weaker capital base will frustrate any attempt to increase the capital base requirement. For the size of Nigeria’s economy we need banks with at least $5 billion capital base for a start.

Most recent example. I thought USSD was robust. This transfer didn't go through. Now adding this #5,000 plus the #10,000 and another #10,000 and #3,000 (tey tey) to make total of #28,000 all with UBA.

My question is which one they wan start dey reverse if they were ordered to do so. They never solve the former case o, another one dey join am.

abnot:


Now I understand you. The laziness of banks is also a factor of environment. For long the government has kept interest rates at 14% . If I can take deposits from people and loan to government at 14% -18%(treasury bills and bonds ) for doing nothing why stress myself lending to the real sector with all the risks involved .

However that seems to have changed as the CBn has crashed the treasury Bill rates and introduced a 70% loan to deposit ratio. The result of this policy Is already being felt in the retail segment and with time businesses will be able to access credit .

Changing a system is very tough because benefactors of the old (bad) system will continuously resist any reforms to control there interests. For instance the sector needs another consolidation as our banks are still weak in terms of capital base . However it’s not an easy task as the current operators with weaker capital base will frustrate any attempt to increase the capital base requirement. For the size of Nigeria’s economy we need banks with at least $5 billion capital base for a start.

Very explanatory.
I totally agree with all your points above.

this is stealing big time.broad day lights.face me I face you.bank go rib you them go award bank an clap hands for them when you Rob bank na jail straight.

yesloaded:

Between April till today, I've lost over 100k to stamp duty charges

I'm not joking at all and it's frustrating

UBA is worst, they will even deduct stamp duty charges on some transactions you can't explain where it originate from

As far as am concerned stamp duty charges is broad daylight robbery

My brother, the thing has gotten me tired. In fact UBA deducts money from my account without any explanation.
We have a very weak and porous system

I know gt bank would be there.. This people will keep deducting your money little by little so you won't notice in the name of charges

awon criminals they charge for sms you didnt even receive

Built2last:
They should keep reaping off the masses. when they are ready they will rise against the establishment

I have been in UK for 7 years doing business. I have never been charged for debit card, Cheque book issuance or any stupid sms or account maintenance charge and all banks in UK are light years ahead of Nigerian banks.

Here, you call them you need card, they issue in 3 days with no charge.

CBN should introduce Walking into the bank charge. our people will pay and come online to rant

When you say the truth to Nigerians they would say do we pay high taxes like those in the UK and the rest of advance countries, but it is pure foolishness on the side of Nigerians to think they can't demand better services with unwarranted charges.

dre11:



Source: https://www.dailytrust.com.ng/10-banks-earn-n22bn-on-account-maintenance-charges.html

if you like,have zero balance, Zenith will still debit you

The CBN itself is taking shear from this, if not I don't just understand the reason they allowed banks to be exstoting the poor masses as if no one has brain to understand what they are doing,

Just imaging how the Communication in the country are using us like fools.. 1500 naira will only give u 4GB and u can never use it for a week before it finish... And the minister of Communication who is well educated in computer science can not even fight for the masses,

I have never seen dumb and careless ministers like the ones we have in Nigeria.

They are only interested on what they will gain not remembering they will all die soon and can't finish the money they are looting and selfishly earning.

It's quite unfortunate for us in this country.

Built2last:
They should keep reaping off the masses. when they are ready they will rise against the establishment

I have been in UK for 7 years doing business. I have never been charged for debit card, Cheque book issuance or any stupid sms or account maintenance charge and all banks in UK are light years ahead of Nigerian banks.

Here, you call them you need card, they issue in 3 days with no charge.

CBN should introduce Walking into the bank charge. our people will pay and come online to rant

ehinmowo:
The level of exploitation in Nigeria is alarming. It's only in Nigeria that your savings account will be reducing every month. If we don't tackle these open and glaring corruptions, our institutions are not going anywhere.

thanks for making that point.
I thought firstbank was the worst ,but not until I joined Ecobank.
the worst is that they'd debit without indicating the reason.

Las Las; Students dey suffer most

Stevengold:
I have 3 bank account, as of last year I stopped using Atm card for access and Fcmb, their Card maintenance fee was becoming money for data subscription...
Theives everywhere!!!

Access is fair but FCMB is worse, they debit one's account as it pleases them. I regret opening an account with them, my debit card expired ending of may and God willing I won't use the account again

Access always leads in trends like this!

Stevengold:
I have 3 bank account, as of last year I stopped using Atm card for access and Fcmb, their Card maintenance fee was becoming money for data subscription...
Theives everywhere!!!

I don even tired for all dem banks most especially GTB. You transfer dem comot charges, you receive dem comot charges, I no receive any FG palliative I go still dey do forceful giveaway..

chima4UK:

Hmmm..Don’t even go there. Their eyes dey red for dollars. I have already given up on one Nigerian bank for deducting $22 annually for card maintenance on a domiciliary account. I have severally reported that the card is broken and no longer in use for over 2 years. I think a legal action may settle some of these day-light robberies.

Must you keep your USD in the bank?

Built2last:
They should keep reaping off the masses. when they are ready they will rise against the establishment

I have been in UK for 7 years doing business. I have never been charged for debit card, Cheque book issuance or any stupid sms or account maintenance charge and all banks in UK are light years ahead of Nigerian banks.

Here, you call them you need card, they issue in 3 days with no charge.

CBN should introduce Walking into the bank charge. our people will pay and come online to rant

Nigerian banking system is fraud, inshort the financial sector in Nigeria is 419.
You’re charging for virtually everything, and Nigerian banks are the only banks that give out loan with double digits interest rate.
The highest interest rate I’ve seen from a foreign bank is 4% per annum, Nigerian banks will charge you 5-10% monthly.
If you are not a politician or an already established business man, you cannot get loan from a Nigerian bank, the don’t support startups or even look at their side twice.
Inshort the system is bleeped up.

Firstorderwizard:
No wonder my bank paid me interest of 5 naira for the first time after 6yrs of opening savings account with them

So bad you don't know you are entitled to interest if you didn't withdraw more than thrice every month