The Speaker of the House of Representatives, Femi Gbajabiamila, has expressed concern over the way Deposit Money Banks charge account holders indiscriminately, decrying that apart from known charges, there appeared 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 of Standard Chartered Bank, led by the Chief Executive Officer (CEO), Mr Lamin Manjang, visited him, according to a statement issued on Monday by his Special Adviser on Media and Publicity, Lanre Lasisi. He also expressed concern over the kind of ‘exploitative marketing’ some bank marketers were subjected to, asking if that was the practice all over the world. 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.
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