Commercial bank customers in the Federal Capital Territory have urged banks to prioritize customer satisfaction over declaring massive profits.
They spoke against the backdrop of some commercial banks making an estimated profit before Tax of N3.8trn in the first half of 2014.
According to reports, the banks, which include Zenith Bank, UBA, and 10 others, recorded a 108.2 percent increase from the N1.83trn recorded in the first half of 2023.
However, bank customers told the News Agency of Nigeria (NAN) yesterday that they could have been more impressed by the profit margins.
They said it was unfortunate that while banking services continued to get worse, banks continued to make multiple deductions from their accounts, which added to the massive profits they declared recently.
Some customers alleged that some commercial banks were extorting money from their deposits to boost their financial performance.
Ibekwe Jonathan said he stopped banking with one of the commercial banks in 2023, yet the bank still sends him debit alerts that need to be explained.
“I stopped banking with them sometime last year because my money was missing, and all efforts to resolve it failed. The bank staff members were busy tossing me around, so I decided to abandon the account. But until today, they have still sent me debit alerts. Is that not criminal?” he lamented.
Another customer, Queen Chukwujiekwu, explained that banks would continue to be richer if they made illegal deductions from customers` accounts.
She said they would charge you for SMS, ATM maintenance, and stamp duty, even when you deposit your own money.
She called on the Central Bank of Nigeria to develop strict supervision and regulations regarding bank service charges, but the banks defied the apex bank.
However, a United Bank for Africa staff member who pleaded anonymity said that a substantial portion of these banks’ performance came from non-interest charges.
“The economy is indeed bad, and inflation is increasing, but people still rely on banks to deposit, save, and transfer money to family members or business associates. They are charged for these services,” he told NAN.
For his part, Samuel Echoda, a former staff member of UBA, alleged that some banks inflate their reports to remain relevant, gratify their shareholders, or attract more customers.
Echoda expressed reservations about the financial reports of some of the banks, alleging that some banks manipulate their record books.
He says they skilfully twist figures to gratify their shareholders and partners.
“I am not saying that they don’t make profits, but the figure they release to the public is questionable,” he said.
