At about 2:30 am on the 19th of March 2017, after a long struggle with my door, two men broke into my apartment and made away with, amongst other things, my debit cards and phone.
I was working in the bank at the time and knew what to do. I called the banks, told them to block any instrument that can be used to make debits on my accounts but to leave the account unfrozen because I did not have a penny on me and would need to take out funds on Monday without the added stress of asking for an unfreeze on the account, which as we all might know, can take the whole day.
I called both of the telecom operators I use, MTN and Airtel to block my lines, and followed up with them to ensure it was done.
So you can imagine the shock I went into when, one week after, I open my email and see over 30 debit alerts on one of my accounts. Turns out MTN never blocked my line (I was told later it was initiated but not approved by the supervisor), and through a loophole in the PayWithCapture registration process, the thieves were able to make away with more than 50% of the funds in my account.
Not a singular incident
My story is definitely one in unaccountable cases that happen to Nigerians every day. Taking advantage of the loopholes in our system, thieves and fraudsters rob people of their hard-earned money through the institution they have trusted to keep their funds safe – the banks.

Loss of funds is also not just due to theft. Funds are sometimes lost through unresolved debit issues, fraudulent bank staff and wrongful charges on accounts.
The spiral effect
Unlike I, who went back to using the account that was fraudulently debited, but have refused to use any form of application or card on any of my accounts, most Nigerians abandon their accounts after such cases, losing whatever trust they may have had with the bank.
And because bad news tends to travel faster, people hear these stories and are scared of saving their monies in the banks.

Other factors that reduce Nigerians’ trust in banks
High charges: Although bank charges have now been reduced by the Central Bank of Nigeria, charges on accounts for transactions and bank products are still considered high and unnecessary by Nigerians.
Low-interest rates: The highest interest rate offered by Nigerian banks on a savings account is 4.2% per annum, valid if only less than four customer-induced debit transactions have taken place on the account in a month. The interest rates on fixed deposits or even treasury bills are no better. This has caused quite a number of Nigerians to believe that the banks are only out to steal their money and not necessarily help them grow their funds.
Difficult access to loans: It is understandable that banks are wary of giving out loan facilities to businesses,
click to read full article: https://qwenu.com/2019/03/05/how-banks-contribute-to-the-low-savings-culture-in-nigeria/