Bank customers opinion on ₦138 billion alerts, withdrawal charges

A man holding smartphone with one new message alert on a screen. Closeup shot.

The top 10 banks earned ₦138 billion from charges on electronic payment transactions. This represented 26 per cent increase from the ₦109.1 billion earned in 2015.

Bank customers who spoke to correspondent, however, differed in their views about this development.

ood, but it is double attack on citizens – Adeoye Abiodun –

Commecial banks earning ₦138 billion in 2016 from e-payment charges is a recorded progress on the side of the CBN and commercial Banks. But the question is: how are they utilizing the money. The amounts acquired are not being used to produce any infrastructure or aid the situation of the economy. We pay tax on our money. We pay high fees for e-payment transactions. It is like paying multiple taxes. To me the amount accumulated is too much.

– It is extortion – Aishat Hammed –

The amount is too much. They are extorting money from the masses to enrich their pockets. If you have a sum of ₦10, 000 in your bank account, after the charges of all e-payment transaction you made have been deducted, you will have only half of the ₦10, 000 left in your account all in the name of going digital. With this development, only few Nigerians will be financially included.

– Too high and at customers expense – David Aleakhue –

The e-payment system introduced by commercial banks is good but the charges for e-payment transactions are high. I have had an experience of my ATM card being destroyed by a bank because the ATM swallowed my card due to network problem. I was asked to pay for the renewal of another ATM card. All these CBN policies are made to extort money from bank customers. With the state of the economy in 2016, they ended up siphoning N138 billion for e-payment transaction. We, the bank customers, are really suffering.

– Remarkable progress for the banks – Ugwuru Tonia –

The N138 billion derived by commercial banks from e-payment transactions in 2016 shows that the banks are making remarkable progress. Commercial banks are business enterprise which must meet their target. This is the ultimate aim of any business. The banks have a lot of responsibilities to meet up with. The maintenance of their systems, payment of salaries and running of all aspect of the business requires fund. I think this is a wonderful development.

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