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Business News of Thursday, 9 December 2021


'Banks are killing our businesses with excess charges' - Igbo traders tell CBN

CBN governor, Mr Godwin Emefiele CBN governor, Mr Godwin Emefiele

South-East traders under the aegis of Southeast Amalgamated Markets Traders Association, have lamented to the Central Bank of Nigeria (CBN) over too many charges by commercial banks in the country.

According to the group, they are being targeted by commercial banks through “indiscriminate charges and deductions" and they should "if possible, refund all the deductions”.

The group added that the majority of the illegal deductions occur when they use Point of Sale (POS) machines where they are charged heavily from any slightest transactions.

A letter to CBN asked them to compel the banks to return their deducted monies back to their accounts.

"Most of the transactions, we also know, are the social responsibility of the banks. But today, the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature,” parts of the letter read.