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Bank Customers Speak on Banks’ N138bn e-Payment Charges

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  • Bank Customers Speak on Banks’ N138bn e-Payment Charges

The top 10 banks earned N138 billion from charges on electronic payment transactions. This represented 26 per cent increase from the N109.1 billion earned in 2015. Bank customers who spoke on the issue, however, differed in their views about this development.

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

Commercial banks earning N138 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 – Aisha Hammed

THE amount is too much. They are extorting money from the masses to enrich their pockets. If you have a sum of N10, 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 N10, 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.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

CBN to Extend Credit Risk Management System to OFIs

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In an effort to curb growing bad debt, the Central Bank of Nigeria has said it will extend its Credit Risk Management System to Other Financial Institutions (OFIs) operating in Nigeria to protect them from bad debtors.

According to the apex bank, this is important following the successful implementation of the credit risk system in other lending institutions operating in Nigeria.

The bank disclosed this in a circular titled ‘Credit Risk Management System: Commencement of enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies’ and signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, on Monday.

In part, the circular read, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CTMS platform.

“Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis.

“OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions”.

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Banking Sector

BoI Grows Assets by 78.8% to N1.86 Trillion

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The Bank of Industry Group concluded the 2020 financial year with a 78.8 per cent growth of assets from N1.04tn to N1.86tn between 2019 and 2020.

A statement by the bank on Monday said the increase was driven to a large extent by the successful debt syndication of €1bn and $1bn that were concluded in March and December 2020 respectively.

BoI stated that the group’s financial statement demonstrated resilience and strength, noting that the period had significant challenges in the operating environment on account of the impact of COVID-19 pandemic on the economy.

“It also indicates synergy with the various interventions developed by the Federal Government, the Central Bank as well as other strategic partners towards ameliorating the impact of the pandemic on Nigerian enterprises,” the statement said.

The group’s total equity increased by 14.8 per cent from N293.08bn in the previous year to N336.48bn in 2020.

It added that as a reflection of the adverse impact of the challenging operating environment on growth of new facilities, loans and advances grew marginally in 2020 by 1.3 per cent to N749.84bn from the 2019 position.

The bank explained that this was largely due to the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers.

“The bank reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from nine to five per cent per annum for a period of one year and moratorium extension of three months (with a possible extension up to 12 months),” it said.

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Banking Sector

TAJBank Deploys NQR Solution To Ease Customer Transactions

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TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.

The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.

A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.

“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.

This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.

In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.

Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.

The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.

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