A consumer-focused group, Money Deserves Better Movement, has called on Nigerian banks to reduce transaction charges and offer better return on investment value they provide to customers.
MDBM made this call following reports that banks’ fees and commissions income surged by 17.5 per cent to N365bn in the first quarter of 2023, while the interest earned on high-interest savings accounts averaged four to five per cent per annum.
The MDBM said such returns on investment was meagre compared to the current inflation rate in Nigeria which was 24.08 per cent based on data from the National Bureau of Statistics.
In a statement, the group said, “It is about time we speak up for our money. Our money deserves more. When we save, we want to know that we will get a higher interest rate, for choosing to save rather than spend. We want easy access to better investment opportunities. Therefore, we have taken to the streets to campaign for our money.”
One of the members of the MDBM, Bamise Lucas, said “We advocate for improved rates and reduced charges on our transactions. Our ultimate goal is to encourage more individuals to join this financial revolution meant to improve the offerings and benefits of financial services to customers.”
Public Relations Officer, MDBM, Sarah Ola, said, “This step would incentivise more people to save their money in banks and see better returns on their investments.”
The group was also advocating for a reduction in the costs associated with using electronic channels for transactions.
Ola, emphasising the increasing digitisation of financial activities, said “lower transaction charges would encourage more Nigerians to adopt digital methods of payment, thereby enhancing financial inclusion and efficiency.”
She advised investors to explore alternative investment opportunities in other companies licensed by the Securities and Exchange Commission which could even provide higher returns than banks.
