Stop hidden charges, exploitative marketing, Gbajabiamila tells banks
The Speaker of House of Representatives, Femi Gbajabiamila has expressed concern over the way Deposit Money Banks charge account holders indiscriminately, decrying that apart from the known charges, there appear to be other ‘hidden’ charges that banks imposed on their customers.
Gbajabiamila, who noted that the House was concerned that such a practice was making customers helpless, called on Nigerian banks to come up with ways to address high charges on loans and other facilities they offered.
The Speaker said this when the board and management Standard Chartered Bank, led by Chief executive Officer, Mr. Lamin Manjang, visited him, according to a statement issued on Monday by his Special Adviser on Media and Publicity, Lanre Lasisi.
The statement was titled, “Gbajabiamila voices concern over banks’ ‘hidden’ charges, exploitative marketing in Nigeria”.
He also expressed concern over the kind of ‘exploitative marketing’ some bank marketers are subjected to, asking if that was the practice all over the world.
Gbajabiamila asked, “You have corporations in the UK and other parts of the world. What obtains here in banking in terms of marketing- sending people to go and knock at people’s offices and all that, does not obtain in those places? If it doesn’t obtain in those places, it is not international best practice, why should it obtain here”?
The Speaker recalled how he came up with all the bills against corporate prostitution some years back but the legislation did not sail through.
He said, “We are here to support you. Whatever we need to do, we should do it to support you. We need to know the kind of marketing that takes place. Is it digital marketing?
“We also have to set realistic targets for the marketers. We have the responsibility to protect Nigerians and we also have the responsibility no to kill your business. So, it is a delicate situation”.
Responding to the issue of exploitative marketing, the CEO stated, it was standard for banks to market their products to customers but added that it had to be ethical.
Manjang said, “It is not peculiar to Nigeria but it has to be ethical. Teams usually go round but the ethical conduct has to be there.
“You need to have marketing for people to know what you offer. If there are any abuses or conducts that are not ideal, they should be called out and addressed”.
Chairman of the House Committee on Banking, Victor Nwokolo also noted that Nigerians had been battling with the issue of high interest rates by banks and that the issue needed to be tackled head-on.
