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

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.

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.

Kingsley Moghalu

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