The House of Representatives on Thursday passed through second reading a Bill for an Act to amend the Banks and other Financial Institutions Act.

The bill, which seeks to mandate banks and other financial institution in Nigeria to state in writing, ”all charges and fees accruing to any transactions in the banks”, was sponsored by Jones Onyereri (Imo-PDP).

The bill seeks to amongst others, increase penalties to deter corporate and individual misconduct.

Mr. Onyereri, while leading the debate, said the bill seeks to amend the Banking Act and to among other things, regulate banks and other financial institutions.

He said there was a need to stop the incessant contravention of banking laws.

The bill, when amended will prohibit carrying on of such businesses in the country and streamline the operations of banks and financial institutions in Nigeria to conform with ‘international best practices’.

Nigerians have over the years complained over arbitrary charges foisted on them by banks, and some have now began to save their money via cryptocurrency to avoid the banking system and unnecessary charges.

The Consumer Protection Council (CPC), a government agency that protects the rights of consumers in Nigeria, had sanctioned some commercial banks over spurious bank charges.

CPC was reported to have recently ordered FCMB to refund N1.5 billion to the Bauchi State Government and a customer of the bank.

https://www.premiumtimesng.com/business/business-news/253195-bill-regulate-arbitrary-bank-charges-passes-second-reading.html

Wonderful. They're Corporate thieves.
Give loans, no. Give interest on savings, no. Give jobs, no...okayyy yes, but we no pay well.
Interest on loan you try collect, 29%/p.a. Interest on your fixed deposit, 8-10%/p.a

Good.

Wonderful. They're Corporate thieves.
Give loans, no. Give interest on savings, no. Give jobs, no...okayyy yes, but we no pay well.
Interest on loan you try collect, 29%/p.a. Interest on your fixed deposit, 8-10%/p.a

ok

what s good move

Nice one.

Till then...

Igbo kwenu

I am here to read Nwamaikpe's comment.

The guy above me

nwakibie3:
The House of Representatives on Thursday passed through second reading a Bill for an Act to amend the Banks and other Financial Institutions Act.

The bill, which seeks to mandate banks and other financial institution in Nigeria to state in writing, ”all charges and fees accruing to any transactions in the banks”, was sponsored by Jones Onyereri (Imo-PDP).

The bill seeks to amongst others, increase penalties to deter corporate and individual misconduct.

Mr. Onyereri, while leading the debate, said the bill seeks to amend the Banking Act and to among other things, regulate banks and other financial institutions.

He said there was a need to stop the incessant contravention of banking laws.

The bill, when amended will prohibit carrying on of such businesses in the country and streamline the operations of banks and financial institutions in Nigeria to conform with ‘international best practices’.

Nigerians have over the years complained over arbitrary charges foisted on them by banks, and some have now began to save their money via cryptocurrency to avoid the banking system and unnecessary charges.

The Consumer Protection Council (CPC), a government agency that protects the rights of consumers in Nigeria, had sanctioned some commercial banks over spurious bank charges.

CPC was reported to have recently ordered FCMB to refund N1.5 billion to the Bauchi State Government and a customer of the bank.

https://www.premiumtimesng.com/business/business-news/253195-bill-regulate-arbitrary-bank-charges-passes-second-reading.html

Them go dey post billions after tax profit yet none was made from loans to SMEs na to deduct na im dem sabi

Banks won't like this

These charges are getting out of hand. It's either its for atm card maintenance fees or stamp duty charges or VAT or interbank transfer charges despite paying to obtain an ATM debit card. They preach cashless economy but impose charges that discourage cashless method. All these charges without interest. Soon aggrieved customers will start boycotting putting their monies in the bank to adopt the traditional method of safe box.

Only Bill that makes sense this year ..
When will they make laws that require that you register your employee and their salary with the governmemt and that any work exceeding 10hrs per week requires employment contracts .

Gt the main culprit. I have withdrawn my service to bank with them over a year now. Charging me here and there. I can't just do any transaction in peace. They will greet u for new year, birthday, weekend and still charge you double on top. I even leave my ATM with them. I don't need it. Same with skye bank. I dont need them again.My main bank remain access bank and stanbic ibtc. At least , my transaction fees are minimal.
Since yesrdy uba has been deducting from 2k upward from each account. Does anyone notice? They have been blaming system error. System error never dey do general credit but na debit e dey do. Thieves. They needed money to do balancing after their ogas don use am launder for big men and never get their money back.

You don't mess with Igbos

lakesider:
Only Bill that makes sense this year ..
When will they make laws that require that you register your employee and their salary with the governmemt and that any work exceeding 10hrs per week requires employment contracts .

Anyone can draft such a bill and get a sponsor in the senate or house to present it.

InyinyaAgbaOku:
You don't mess with Igbos

Don't tribalize this thread, Na beg i dey beg.

When GTBank deducted almost 1k from my savings account for SMS notification. I went straight to the bank the following morning to get an indemnification letter to deactivate d SMS. I no need am.

Gtbank go dey find customers ontop d millions dem get, just to scam them.

Oh it took Inoson's case with GTB for them to wake up? Banks if they deduct even #100 from each account with over 5million customers. Its #500 million monthly profit not to talk of where they tear eye dey deduct #2500 or even close accounts of dead people running into millions. Banks na the new MMM joor.

It remains MTN and other networks incessant charges.

Banks are nothing more than legalized ponzi schemes. Robbing peter to pay their share holders .

Banks of thieves Nigeria ltd
CEO...Buhari
CHAIRMAN...Jonathan Goodluck
ACCT OFFICR....Ibrahim Babangida
GATEMAN.....Dino Melaye
BANK CUSTOMERS....lalasticlala,Oga Seun Osewa,Tinubu,Aunty Ngozi,Diezani Madueke,Stella Odua

themanderon:
Banks are nothing more than legalized ponzi schemes. Robbing peter to pay their share holders .

They don't even pay their shareholders. They lavish the ill-deducted monies on perks for 2% of the top officers.

I checked the amount this people deduct every month and it's not funny. They even charged me for saying happy birthday to me.

Am currently searching for my last Kobo in their hands, na my ceiling sure pass

Annoying part, u will pay 2 collect atm, pay 2 use d card on another banks machine, pay for debit & reversal when d machine refuse 2 vomit money, still pay monthly again if u keep ur card jeje in ur wallet

very necessary law

Celcius:
Wonderful. They're Corporate thieves.
Give loans, no. Give interest on savings, no. Give jobs, no...okayyy yes, but we no pay well.
Interest on loan you try collect, 29%/p.a. Interest on your fixed deposit, 8-10%/p.a

My bank is 1st bank, I get Interest paid on my savings account.