Commercial banks are riding on telco platforms to rake in billions of naira from the increasing number of customers using digital banking services.
Most of the banks deploy several strategies, products and services under which they charge fees, far above what is specified in the guide to bank charges.
Banks charge electronic money transfer fees, annual debit card maintenance fees; N105 online transfer charge for every online transfer and three to five per cent processing fee for cash withdrawals above the cash-less banking limit.
Others include text message fees; processing, management and draw-down fees for loan accounts
Nearly all the 70 million bank customers across the country have one complaint or the other against their banks. They are also speaking out through different platforms, including social media. (TheNation)