Nigerian bank charges 'must be reduced'

Oct 13, 2011

Financial institutions in Nigeria are being urged to reduce the charges that have to be paid by customers.

Financial institutions in Nigeria are being urged to reduce the charges that have to be paid by customers.

Dr Kingsley Moghalu, Deputy-Governor of the Central Bank of Nigeria (CBN), said consumers in the country currently face excessive fees, the Daily Trust reports.

He claimed organisations need to reduce these if they are to create a trusting relationship with their clients, while also improving the way in which they deliver services.

"For an industry that thrives on trust and confidence, excessive bank charges do not bode well for long-term sustainability and stability," Mr Moghalu stated at the stakeholders' forum of the Bank Directors Association of Nigeria.

The CBN believes the current system discourages individuals from saving and does not allow a positive banking culture to exist in the country.

At the end of last month, the organisation called for non-interest banking to be introduced in Nigeria, especially as many nations are already planning such a move, This Day reported.ADNFCR-2976-ID-800757924-ADNFCR