Nigerian Banks Should Stop Defrauding Consumers

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I have lived in the United Kingdom (UK) a few years now and never has my bank ever charged me one penny for bank transfer. What is the problem with our banks? The ₦52.50 they 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? I have about four UK Bank Cards – both credit and debit cards. I have never paid any such thing as a “Card Maintenance Fee.”

The Nigerian Banking Sector is an unfortunately over-bloated industry that thrives on systemically entrenched policies that terribly defraud us Nigerians.  They thrive by cheating the average citizen of their hard earned money that is entrusted in their care to help save and invest.

If you want to send money to someone from your Nigerian bank account, the money is sent electronically from your Nigerian bank account to the person’s Nigerian bank account. Yet, you have to part with extra ₦52.50 for the transaction. What exactly is the charges for? Why is this fraud tolerated?

Someone said the charges go to Nigerian Postal Service (NIPOST). I want to believe it is mere trolling as it makes absolutely no sense at all. Please, how is NIPOST involved in an electronic money transfer? Was the money put in an envelope and posted through the post office? This is systemic cruelty.

When I applied for ATM Cards in 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 per card. And I’m being charged some extra regularly in the pretense of an imaginary “Card Maintenance Fees”. This is systemic corruption and a fundamental banking fraud aimed at impoverishing us Nigerians.

Let’s do a little mathematics. According to the Nigeria Inter-Bank Settlement System  (NIBSS), there were about 65,000 daily Electronic Fund Transfers in 2017. At ₦52.50 per transaction, that’s over ₦3 million per day and about one billion naira a year.

This is a monumental fraud that should not be allowed to continue. All consumers of banking products must speak out against this fraud.

Funmilayo

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