404 Open Counsel to the CBN- Fola Daniel Adelesi | Consumer Advocacy Foundation of Nigeria

Open Counsel to the CBN- Fola Daniel Adelesi

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Open Counsel to the CBN- Fola Daniel Adelesi

10 Feb 2016 — This Central Bank Of Nigeria (CBN) & its current leadership is ruining the cashless policy campaigns they initiated. You want a cashless economy but you

1. Put extreme daily withdrawal limits on accounts and that affects businesses so some prefer not to take the money to the banks.

2. Make us pay for ATM cards that are free in some countries.

3. Charge N100 card maintenance fee for a card that is in the customer’s hand.

4. Charge COT on all transactions

5. Charge N50 naira stamp duty on all transactions now. No one understands the essence of this. You just get a mail from your bank and implementation takes effect immediately! Who does that, except in Nigeria? And, there are no consequences!

6. Charge N65 naira when you use other banks’ ATM 3 times. This charge was reversed by former CBN governor, Sanusi Lamido Sanusi, who is now Emir of Kano but has now been reintroduced. The removal of this charge made people use any ATM they found and that reduced queues and the possibility of being robbed at ATM points. When, for example, you need to draw N1000 and you have used other banks’ ATM twice before, you may not be able to make the third withrawal because N65 has to be charged, except you get to your bank’s ATM.

With all these draconian laws of the CBN, how will they successfully achieve financial inclusion and cashless policy?

The people who are unbanked – have no banking activity whatsoever – are the people the CBN claims it wants to bring into the system with mobile money. Yet, you are forgetting that illiteracy is not the only reason people didn’t bank. Arbitrary charges are major causes and millions of accounts are going dormant by the day.

Dear CBN, please take a cue from Kenya’s implementation of Mobile Money where even a market woman transacts business with you without cash.

Learn to consult and orient before ‘instructing banks’ and ‘directing’ immediate implementation of unfriendly laws.

If you refuse to listen, we will, in a manner you can’t imagine, show you that customer is king.

Fola Daniel Adelesi
+234 803 416 3006


  1. Gbola Babs says:

    I have been a victim of these excessive charges….. They remove money from my account without proper explanation……. They are all scam… Access bank has been doing this to me since 8-10months now…. I support the move… GBOLA BABS

  2. Brodrick Geoffrey Aba says:

    These awareness is long over due, i appriciate the effort you re making.
    I have account in Fcmb, zenith bank. As long as i have money in my account i get deduction of verious type, one month say the amount is small but its my money. Pls come to our Aid.
    I also wish to be a members of Cafon. Am a grand use of Human Resource management.

  3. ogazi jude says:

    am a financial human right activists, I majored in forensic investigation on excess charge recovery. I will be glad to use to forum to help millions of Nigerian who has been victims of excess bank charges. kindly report your case to the above email. or call 08038265802 . there are needs to educate more Nigerians on financial literacy. guide to bank charges publidhed by the CBN is a veritable tool to checkmake this anomalies. we all must rise up to this challenge. I have personally recovered millions of niara to those who came to us. till we hear your own case!

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