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Expert advises CBN to address banks’ hidden charges

By on April 17, 2013

A financial expert, Oluwole Ibikunle, on Tuesday, advised the Central Bank of Nigeria (CBN) to address the issue of hidden charges by banks.

Ibikunle, the Managing Director, Boar Management & Financial Strategies Ltd., said that the step was necessary to stop banks from exploiting customers.

He said that the issue had made many customers to stop patronising banks and discouraging new customers.

Ibikunle identified monthly charges and charges when customers borrowed money from the bank as some of the hidden charges.

He also said that many banks were not open enough about their charges to customers, particularly when giving loans.

Ibikunle said that there was the need for CBN to take proactive steps to resolve the issue.

“The hidden charges prevent people from using banking services to transact businesses,” he said.

Ibikunle urged CBN to effectively tackle this problem to enthrone transparency and sanity in the banking sector.

He said that the hidden charges had created bad impression about banking operations to customers.

“Customers cannot continue to die in silence because these hidden charges erode their savings,” he said.

Ibikunle said that the ability of CBN to successfully solve the problem would boost the cash-less policy and make more people to embrace the banking services.

The CBN had, on Monday, revealed that N8.6 billion was recovered in fraudulent excess charges by banks in the country within the last 10 months



[Daily Times]