E-Financial
NDIC Urges Customers to Petition Banks’ Excess Charges
Nigerian Deposit Insurance Corporation (NDIC), has asked customers who discover that they have been overcharged on their accounts by the banks as account and card maintenance charges among others to petition the CBN or the NDIC in order to facilitate a refund.
This is coming as 12 banks in the first half of this year made N120.49 billion as income realised from electronic transactions.
Besides account and card maintenance fees, other charges that bank customers still have to contend with include: stamp duty charges, SMS alert charges, ATM charges, electronic transfer charges and so on.
Hassan Bello, managing director/chief executive officer, NDIC, said that most of the concerns about bank charges have been significantly handled, promising that issues concerning consumer complaints would be treated in a timely manner.
Bello, spoke at a 3-day Workshop organized for Business Editors and members of the Finance Correspondents Association of Nigeria (FICAN).
“The charging concerns have been mainly addressed.” That is why we are holding this session, so that the Finance Correspondents can assist us in disseminating the information. Customers who have been overcharged should file a claim, and a refund will be made available following an investigation.
He advised further: “All we need to do is start educating the banking public so that they are aware that such documents exist so that they are not unduly overcharged by banks, and where customers discover that they have been overcharged, they can petition the CBN or the NDIC and it will be investigated, and if the bank is found to have overcharged the customer, they will be directed to make appropriate refund.”
“It has happened multiple times, and banks have refunded clients who were overcharged.”
He also spoke on the importance of enlightenment to address the issue, as he noted that the CBN already has a guide on bank charges which is available for the view of the entire public.
“The Central Bank of Nigeria (CBN), has previously produced a bank charges guide that rigorously governs how charges should be made to clients inside the banking system.
” So it is now up to us to teach the banking public so that they understand what these costs are. The document may be seen on the CBN website. You may view it and see what the fees are in accordance with those criteria. It has previously been standardized and addressed.”
Last year, despite the pandemic and the downturn in economic activities, 12 commercial banks jointly made N933.16 billion in profit and made N216.52 billion from charges on electronic transactions, as customers continue to complain of excessive fees that they are being charged to make the banks richer.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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