Nigerian Traders Complain over Multiple Charges by Commercial Banks

The South East Amalgamated Markets Traders Association, known as SEAMATA has sent a cry for help to the Central Bank of Nigeria over multiple, indiscriminate charges and deductions slapped on them by their commercial banks.

SEAMATA is the umbrella association of all traders in every market in the South East geo-political zone of the country, as well as traders of the South East extraction conducting business across the country and in the diaspora.

The association said this in an open letter which they addressed to the Governor of the apex bank, Godwin Emefiele on Monday and made it available to newsmen in Enugu. The open letter was jointly signed by the President General of SEAMATA, Chief Gozie Akudolu and the Secretary of the association, Alex Okwudiri.

The statement reads: “we are directed to formally bring to your notice the indiscriminate act of financial oppression which our members and all depositors and operators of bank accounts experience on a daily basis from commercial banks through indiscriminate charges and deductions.”

The SEAMATA statement acknowledged that part of these banks’ responsibilities is to accept money deposits from customers and keep the deposited amounts safe, while also performing other transactions for and as directed by the customer through the various available bank instruments.

The statement also went ahead to say that majority of the transactions are the social responsibility of these banks, stating that the banks make deductions on every single transaction, from deposits to smaller things like confirmation of signature.

The association lauded the cashless economy policy of the apex bank, citing its benefits to its members as it helps to curb armed robbery attacks, which leads to loss of lives and properties. The association termed the commercial banks “sippers”, by virtue of their charges and deductions especially on online transactions.

The association mentioned that when an online transfer of funds is made, both the sender and recipient’s accounts are charged for sending and receiving the funds respectively, and charges are also slapped on SMS alerts which are not always received.

The SEAMATA statement pleaded with the CBN Governor to prevail on the banks to reduce or remove the charges and deductions.