Communiqué issued at the end of 2016 Brand Journalists Consumer Rights Day symposium

On Tuesday March 15, 2016 stakeholders converged at Whitehouse Hotel, Ikeja GRA, Lagos for the fourth edition of Brand Journalists Association of Nigeria (BJAN) Consumer Rights Day Symposium.

The theme of the 2016 edition was Banking in Nigeria: Developments and Customer’s Challenges.

Speakers, discussants and contributors analysed extensively and spelt out issues that must be treated to enhance the effectiveness of the three key groups of stakeholders involved in the subject matter-The  banks, the customers and the regulators.

CUSTOMER

1) All customers should keep themselves abreast of CBN directives on bank charges and other relevant information.

2) They should painstakingly check deductions and charges made on their account and ask questions when in doubt.

3) The need for customers to be civil and Open minded in relating with their banker, besides exploring all administrative and legal means in demanding for their rights particularly in the cases of infraction.

4) Develop a cordial relationship with your account Officer and other senior officers to ensure you get quality service.

5)The importance of customers to operate in the consciousness that they have the power of choice, and the right to use it judiciously.

6) All customers were advised to study the new CBN draft of banking charges. They should visit CBN website and study it to make them more informed in the current march against illegal, spurious and unauthorized charges before it becomes law.

BANKS

1) The relationship between banks and all categories of their customers should go beyond mere transactions at the banking hall.

2) Illegal and unauthorized charges by banks should be discouraged as this can promote apathy towards banks.

3) Uniformity in bank charges is not creating the needed competition to attract customers.

3) Price fixing by the Banker’s Committee should be stopped since Nigeria is a free enterprise economy, Competition must be encouraged.

4) Free Financial Advisory Services should be offered to customers to enhance cordiality.

5) Poor customer relations in  banking halls should be improved upon.

6) Charging Maintenance fee for a Debit Card that is already paid for, must to be reviewed.

7) Upholding ethics, trustworthiness and genuine commitment to customers growth should be sacrosanct.

8)The new trend of banks promoting SMEs abroad, using CNN and other foreign media to propagate them at the expense of local SMEs should be discouraged.

REGULATOR – GOVT & THE CENTRAL BANK OF NIGERIA

1) Selecting CBN Governors among bankers should be reviewed as it may hinder effectiveness, since those to be regulated are their friends and associates.

2) The CBN must ensure that Customers are insulated against bank’s excessive charges.

3) Platforms for complaints against banks should be created and promoted.

4) Complaints from customers must be given equal attention.

5) Enlightenment programmes should be embarked upon and effectively promoted  for customers to let them know their rights and obligations.

6) The CBN and government Be proactive rather than reactionary

7) They should carefully consider the recommendations of customers before passing the draft of the new charges.

8) Powers of the Banker’s Committee should be whittled as it is considered to be a price-fixing cartel that does not allow for genuine competition

9) The EFCC should beam their searchlight on The Nigerian banking industry to fish out those who are corrupt.