A group, the Consumer Advocacy Foundation of Nigeria, has launched a campaign encouraging bank customers in Nigeria to close at least one million non-essential accounts they are operating with the various banks, before the end of the year.

Tagged #Close One Million Bank Accounts In 2017, CAFON, in a statement by its Communication and Publicity Officer, Elizabeth Adu, said the action was meant to protest outrageous charges by various banks in Nigeria.

The statement alleged that the Central Bank of Nigeria and other Nigerian banks took undue advantage of Nigerian consumers by ripping them off their hard earned money.

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It lamented that bank policies allegedly create an avenue for multiple deductions from bank accounts, leading to public outcry against the CBN’s directive to increase approved bank charges which had taken effect since May 1, 2017.

The statement read, “This, thereby, compelled CAFON to launch a consumer protest tagged #CloseOneMillionBank Accounts to mobilise Nigerian consumers to resist excessive charges by closing non-essential bank accounts.

“The proposed #Close One Million BankAccountsIn2017 consumer action is centred on the need to drastically reduce the numbers of inactive or non-essential bank accounts from which these unreasonably excessive charges are regularly deducted.

“The operation #Close OneMillionBankAccounts is a protest led by CAFON to ensure that Nigerian consumers are protected from exploitations in the banking sector by closing non-essential bank accounts. #Close OneMillionBankAccounts is one important campaign that requires every consumer to exercise their rights.”

The statement identified some of the disputed and unpopular charges to include; a 600 per cent increase in Debit Card Maintenance Fee from N100 per annum to N50 per month and the Excessive Account Maintenance Charges.


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