Nigerian banks: Listen to Mahatma Gandhi!

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In a speech in South Africa in 1890, Mahatma Gandhi most interestingly stated as follows: “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption to our work. He is the purpose of it. He is not an outsider of our business. He is part of it. We are doing him a favor by serving him. He is doing us a favor by giving us the opportunity to do so”. Whenever I interact with Nigerian banks, I always wonder if they have ever heard or read the above counsel form Mahatma Gandhi. I am constantly at a loss and shocked at the way they treat us in most of their services and products. Not only do they treat us with a kind of disdain, they make it look like they are doing us a favor. As Gandhi is from India, a developing economy, it means that customer oriented services and products are possible in a developing economy like Nigeria.

Just from January- March this year 2019, Nigerians have already paid about N15.7 billion as account maintenance charges to our five top banks- Zenith, Access, GTB, First Bank and UBA. While we continue to pay these charges, the key question is, what is account maintenance charge and is it justified? From my many years of experience with the financial sector, account maintenance charge is normally applied when a customer is unable to meet certain agreed terms and conditions of an account such as balance below agreed threshold. It can also apply when there are added benefits to the account such as travel insurance and overdraft facility. As such instances are not the reasons why most Nigeria banks charge account maintenance … Read More...