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Why Banks Should Stop Levies and Extracting Wrongful Charges on Nigerians-Former CBN Dep Gov Pleads

When I was Deputy Governor of the Central Bank of Nigeria as (2009-2014) we created a Financial Consumer Protection Department as part of our Financial System Stability (FSS) Directorate that I headed, to ensure respect for consumers’ rights by banks and other financial institutions. By the time I left the CBN we had recovered over N70 billion in wrongful bank charges on customers.

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Banks are entitled to profits but they can’t build a business model based on cheating, oppressing customers, many of who are already not financially buoyant. I call on banks in Nigeria not to levy and extract wrongful charges on these Nigerians, and hope CBN will remain alive to its responsibility to protect Nigerian financial consumers.

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Kingsley Moghalu

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