Nigerian banks have embarked on charging customers for every failed transaction.
The move which could further compound economic hardship already assailing the masses, comes months after the CBN directed banks to penalise customers who initiate direct debit transactions on their account but lack funds to complete the transaction.
Direct debit is a standing order initiated by an account holder that enables the bank to debit a specified amount from the customer’s account at an agreed date.
With the new development, one percentage of the amount being transferred or N5000 of such, depending on the highest fee, will be charged against the customer who breaches the new guideline.
The guideline also stipulates that the charge should be withdrawn from the account whenever it is funded.
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The guide which came into effect in January was criticised by economists as dangerous and insensitive because most Nigerians cannot afford to continue paying for a service they never received — a criticism the CBN rejected as unfounded.
