From Geoffrey Anyanwu, Enugu

Igbo traders under the auspices of the South East Amalgamated Markets Traders Association (SEAMATA) has sent a Save our Souls (SoS) to the Central Bank of Nigeria (CBN) over multiple and indiscriminate charges and deductions on customers by commercial banks.

In an open letter addressed to the CBN Governor, Dr. Godwin Emefiele, yesterday, the traders complained that the financial oppression depositors and account operators were going through have become unbearable.

“We are directed to formally bring to your notice the indiscriminate act of financial oppression which our members and all depositors and operators of bank accounts experience on a daily basis from commercial banks through indiscriminate charges and deductions.”

It said most of the transactions were the social responsibility of the banks, adding that the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

According to the traders, most of the transactions the banks charge the customers were the social responsibility of the banks, decrying that the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

Related News

SEAMATA’s letter which was signed by Chief Gozie Akudolu and Mr. Alex Okwudiri, president-general and secretary, respectively, read in part, “The cashless economy policy of the CBN has been of immense benefits to our members, especially as it curtailed to the barest minimum armed robbery attacks of our members, leading to loss of fortunes and even lives. However, today, nobody carries huge cash again on business trips. 

“The commercial banks are turning themselves into becoming “sippers” to bank customers through the indiscriminate charges and deductions especially in on-line transactions.

“When a customer makes an on-line transfer of funds, the transferor is charged a certain amount of money deducted from his/her account and the recipient’s account is also charged and deductions made for receiving the money.

“In addition, charges and deductions are also made for SMS, which most of the time were not received. Finally, at intervals, charges and deductions will be made on the same account as service charge.

“Sir, the banks are pressing our necks real hard and we are financially choking. Our members had individually approached the banks to complain but without success.”