Business
Customers Seek End To Excessive Bank Charges
Customers of commercial banks in the Federal Capital Territory (FCT) have called for an end to excessive charges levied on them by commercial banks.
A cross section of the customers, who spoke to newsmen yesterday in Abuja, appealed to relevant authorities for proper moderation of the charges.
They said the charges had continued to multiply by the day and needed to be stopped as soon as possible.
A bank customer, Mr Kingsley Attah, said the rate at which banks charged their customers was not in order and should be discouraged.
“ I have an account with a bank and at the end of the month, my account is usually debited between N25 and N40 a month.
“ This amount may seem small but when they charge all the customers they have N25 in a month, it will amount to a huge sum.
“These charges usually come irrespective of whether you do a transaction in the bank or not and I think it is illegal,” he said.
Also, another bank customer, Miss Charity Akowe, said she wanted to withdraw N1.5 million from her account but was told that she would be charged over N35,000.
Akowe said she had to rather transfer the money into another account to avoid paying the huge charges for withdrawing her own money.
She said it was not ideal for the bank to charge customers so much for withdrawing money from their accounts.
Another customer, Mr James Amos, said he could not understand why banks would charge customers for withdrawing money from their accounts.
According to Amos, customers deposit money in the banks for safe keeping and the banks in turn use the money to do their businesses.
He said that rather than charge customers for transactions, the banks should pay interest for keeping his money for them to use.
However, another customer, Mrs Ngozi Nkem, condemned customers who blamed banks for levying charges on their transactions.
“Banks are money making ventures and are out to make profit, so I do not understand why some people will expect them to render services for free.
“I think the problem we have is that we are used to getting things for free; the economy is sick and individuals and firms are striving to survive.
“The government has also withdrawn all its money from commercial banks and the bulk of money they get now is just from salaries and savings.
“So if the banks do not charge customers, they will not be able to survive and remain in the market,” she said.
Nkem said if a customer required a letter of non-indebtedness from a bank, a business that would generate income, it was not a crime for the bank to demand some charges.
An official of First Bank Plc in the Wuse Area, in the FCT who preferred anonymity, explained that the charges on customers were the ways banks generated their money.
The official said: “If banks do not generate any money at the end of the day, its staff will go home without salaries.
“So, for us to be able to generate money and service our businesses, we have to charge customers for services rendered and we are very considerate with the charges.”
Another official at the GTBank told reporters that some of the charges were parts of measures to encourage a cashless economy.
The Tide source reports that some of the charges being complained of by customers include Commission on Turnover, ATM Card maintenance fees, SMS charges, costs on letter of non-indebtedness.
Many of the commercial banks charge between N2,000 and N25,000 on letter of non-indebtedness.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter