High Bank Charges: Stakeholders Call For Sanity In Financial Sector

A call has emerged for the reduction of what some finance industry stakeholders describe as the high bank charges applied on the Nigerian banking public.

The call was made by stakeholders at the recently concluded International Accountants’ Day following complaints that the current system does not encourage finance literacy and would equally keep a higher number of Nigerians un-banked.

The 2023 International Accountants’ Day organised by the Association of National Accountants of Nigeria (ANAN), Federal Capital Territory (FCT) 1 branch was  themed, “Advancing Financial Literacy for a Sustainable Future”.

One of the discussants and a former head of  Accounting Department at Baze University Abuja, associate Prof Adamu Garba Zango said the high charges imposed on financial transactions by banks has taken a serious toll on the customer’s income.

Zango, who was also a former executive of the defunct Bank of the North, said during his days as a banker, savings attracted interest for the customer as a way of encouraging them to leave their funds in the bank.

He said that the unexplained debits passed on customers’ accounts could deter people from signing up in the banking services.

While expressing worry, he charged professional accountants to engage with relevant authorities to reduce cases of indiscriminate charges on customers’ accounts.

Earlier the keynote speaker and the coordinator Oil, Gas and Energy unit of the University of Abuja Business School, Prof Ishaku Abner listed lack of trust on the digital financial structure,  financial consumer protection frameworks,  data and privacy protection laws among others as the key elements that have affected financial literacy in Nigeria.

He called for clear and more effective policies to support citizens in the new digital financial environment.

Also speaking, the host and the chairman ANAN FCT 1 Abuja, Elisha Shavah while noting that the current economic realities makes savings relatively difficult, urged for discipline and enhanced financial literacy among young persons.

He said the theme was carefully chosen in order to educate participants on the need to embrace financial literacy which he said is a pathway towards financially and sustainably guarding their future.

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