(Tribune) - Bank customers, especially current account holders, have been lamenting the new regime of charges introduced by the Central Bank of Nigeria (CBN).
Across section of account holders who spoke with the Sunday Tribune at the weekend said it seemed as if the CBN was determined to shortchange them to rake in revenue for the government and the banks.
“The CBN is a regulator and regulators are supposed to protect the interest of the customers, not encouraging operators to fleece customers,” Mrs Jumoke Agbaje, a civil servant said.
The CBN had, within the spate of three days, introduced two policies which increased charges paid by bank customers.
The first is the policy on stamp duty charges on deposits.
With the policy, the apex bank has made it mandatory for money deposit banks and other financial institutions to charge their customers N50 for every transaction above N1,000.
The CBN gave the directive in a circular titled ‘Collection and Remittance of statutory charges on receipts of Nigeria Postal Service under the Stamp Duties Act’.
The apex bank hinged the new directive on the need to boost government revenue.
The statement said that the charge will be on all receipts issued by banks or financial institutions in acknowledgment of services rendered in respect of teller deposits and electronic transfers for a value of N1,000 and above transferred into an account either electronically or through a bank teller.
The CBN said that the new charge is in accordance with the provision of the Stamp Duties Act and Federal Government Financial Regulations 2009.
The apex bank explained that the stamp duty charge excludes deposits or transfers made by self to self whether inter or intra bank and any form of withdrawal from savings accounts, adding that the charge is to be borne by the receiving accounts.
However, the CBN gave further clarifications later in the week following grumblings in many quarters.
According to the CBN, “The implementation of the Stamp Duty Act at this point in time emanated from a Federal High Court order that the CBN should direct deposit money banks under its supervision to commence the collection of the duty on behalf of the federal government.
“Consequently, the money deposit banks have been directed to commence the collection of the duty.
“Banks are to collect the N50 stamp duty and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer.
“The N50 stamp duty is charged per transaction and NOT per volume. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1,000 and above.
“There are however some exemptions and these include payments of salaries and wages, payments and deposits for self-to-self transactions whether inter or intra bank among others,’’ the statement said.
The second policy is Transaction Maintenance Fee of N1.00 per mille, which compels banks to charge their current account holders a transaction maintenance fee of N1.00 for every N1,000.00 for customer-initiated debit transaction .
In a circular signed by Kevin Amugo, Director, Financial Policy and Regulation Department, the CBN, premised the new policy on the need to boost the revenue of commercial banks.
The circular reads, “The revised guide to bank charges (RGBC) which came into effect on April 1, 2013 provides for a phased elimination of commission on turnover (COT) charges in the Nigerian banking industry, under the guidelines, a zero COT regime was to come into effect from January 2016.
“The CBN noted that while the gradual phase out was being observed some banks continued to charge Account Maintenance Fee in addition to the reduced COT rate, which in effect amounted to double coincidence of charges.
CBN said it was not unaware of the impact of dwindling oil prices, operation of the Treasury Single Account (TSA) and other market turbulence on the viability and stability of the banking system.
It added, “In furtherance of the mandate to promote and safeguard a sound financial system in Nigeria, banks are by this circular reminded that the 2016 zero COT regime as jointly agreed during the 311th Bankers Committee meeting of February 12, 2013 has come into effect. In the interest of stability of the banking system, a negotiable current account maintenance fee not exceeding N1.00 per mille (1/N1,000) may be charged in respect to all customer induced debit transaction”.
The new policies have attracted an avalanche of complaints from bank customers.
In his reaction to the development, a businessman, Dr. Dele Ogun, said the CBN was treating the banks with kid gloves.
“While the Stamp Duty charges may be overlooked, you cannot say the same for the Transaction Charges,” he said. “From all indications, CBN introduced the new policy to enable banks make some money. But that is a disservice to business. It is high time the CBN let the banks realize that the era of making money without hard work is gone. The banks need to make right investments to make money, not just by practicing armchair banking.”
Another bank customer, Evangelist Tolu Ojikutu, of Way of Holiness Church, said the introduction of the new policies was a punishment to bank customers.
According to her, “What is the point in introducing new charges for online transfers when already banks charge for online transfers? It is like paying twice for the same service. The CBN will need to take another look at the policy.
Alhaji Musa Mandara, a textile merchant said the N1.00 per every N1,000 payment may look negligible. “But if you are a volume player, you will realize that it is a lot of money.
It looks as if all the policies of the government are targeted at those who try to earn a honest living in this country. What the CBN is doing is to take back what it said it was giving us. The CBN had said that there would no longer be COT. But what is this? COT by another name?
For Mr Ezekiel Adiukwu, a trader, bank charges are unnecessary. As he explained, by depositing money in banks for safe keeping, customers were providing easy funds for banks to do a number of businesses.
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