The South East Amalgamated Markets Traders Association (SEAMATA) has sent a “Save Our Souls (SOS)” signal to the Central Bank of Nigeria (CBN) in response to commercial banks’ multiple and indiscriminate charges and deductions on customers.
SEAMATA is the umbrella association for traders in all markets in the South East geopolitical zone, as well as traders of South East extraction doing business across the Federation’s states and in the Diaspora.
This was stated by the association in an open letter addressed to the Governor of the Central Bank of Nigeria, Dr. Godwin Emefiele, and made available to Enugu-based journalists on Monday.
Chief Gozie Akudolu, President-General of SEAMATA, and Mr Alex Okwudiri, Secretary of SEAMATA, both signed the letter.
“We are directed to formally bring to your attention 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,” according to the statement.
It stated that the majority of transactions are the banks’ social responsibility, and that the banks make deductions and charges for virtually every transaction, from deposits to signature confirmation.
“Part of the major responsibilities of commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same, as well as perform such other transactions for and as directed by the customer through various bank instruments,” the statement reads in part.
“As we all know, the majority of the transactions are the banks’ social responsibility. However, banks now deduct and charge fees and charges for almost every transaction, from deposits to signature confirmation.
“The CBN’s cashless economy policy has been of enormous benefit to our members, particularly in reducing armed robbery attacks on our members, which have resulted in the loss of fortunes and even lives.” Today, however, no one carries large sums of cash on business trips.
“Through indiscriminate charges and deductions, commercial banks are transforming themselves into “sippers” to bank customers, particularly in online transactions.”
“When a customer makes an online fund transfer, the transferor is charged a certain amount of money that is deducted from his/her account, and the recipient’s account is also charged and deductions are made for receiving the money.”
“In addition, charges and deductions are made for SMS, which are frequently not received.” Finally, charges and deductions will be made on the same account as the service charge at regular intervals.
“Sir, the banks are putting a lot of pressure on our necks, and we’re financially choking.” Our members had attempted to complain to the banks on their own, but had been unsuccessful.
“Our only option is to bring our plight, and indeed, the plight of all bank customers, to your attention, and most humbly and respectfully request that you prevail on the banks to please have compassion on the customers and stop the indiscriminate charges and deductions immediately, and if possible, refund all deductions.”
“The association has decided to resolve this matter through your office rather than besieging bank offices with protesters, which is far from what our nation needs right now.”
According to the statement, the association is confident in CBN’s ability, commitment, and willpower to successfully resolve this matter once the apex bank gets involved.
“We are directed by this association to convey to you (Emefiele) the warm regards of her esteemed members and commend your good works in the proper management of the nation’s monetary policy and regulation of the operations of the country’s commercial banks,” it continued.