Financial Brands News

No Banking Day: Why Many Customers Refuse To Boycott Banks  

 
By Lukmon Oloyede.
 
Despite heavy publicity led by the Consumer Advocacy Foundation of Nigeria (CAFON) and Coalition of Nigerian Consumer Protection Associations that consumers should boycott banking services today, Tuesday, March 1, 2016, banking activities went on as usual in some part of Lagos and Ogun states.
 
BrandiQ learnt that in banks across Allen Avenue, Ogba, Surulere and Victoria Island in Lagos and Oke Ilewo and Pansheke area in Abeokuta, Ogun State, consumers were seen in the banking halls carrying out their transactions.
 
While some customers are unaware of the crusade, others cited financial necessities such as collection of salary, transaction of unavoidable business dealings as some of the reasons for not boycotting banks.
 
“As much as I would have loved to heed the call to boycott banking today because of the arbitrary charges by the banks that is affecting many Nigerians, I had no choice but to come out to make this transaction. I don’t have an e-payment card and I want to withdraw part of my salary to get some foodstuffs and other items we needed at home”, said Oluwakemi Adetona.
A Marketer, Tunde Lawal in his own view said: “I think this campaign should have been staged mid-month because the economic situation right now makes it very tough for many people to comply with such protest at this time of the month. Moreover, there should be other ways to channel this complaint rather than calling for banks boycott. The Central Bank of Nigeria and the National Assemble can still address the issue”.

For Michael Idahosa, a Mass Communication student of Moshood Abiola Polytechnic Abeokuta, shunning the banks could cause him avoidable pressure later. “My uncle transferred N7000 to my bank account and I have to get books and pay sundry fees at school before the queue become unbearable so I couldn’t shun the bank today”, he stated.
The two bodies had called on bank customers across the country not to enter banking halls, make transfers, deposits or make use of their cards for any transaction during the “No Banking Day” slated for today. If Nigerians heed the call, banking halls are expected to be empty.
 
Consequently, Central Bank of Nigeria, CBN, has called on bank customers to be vigilant against excessive bank charges and channel complaints to appropriate authorities, instead of participating in the boycott of banking services.

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