SEAMATA Petitions CBN Over Banks’ Multiple Charges, Deductions

Members of the South East Amalgamated Markets Traders Association (SEAMATA) have sent a Save Our Souls (SOS) to the Central Bank of Nigeria (CBN) over alleged multiple and indiscriminate charges and deductions on customers by commercial banks.
It would be recalled that SEAMATA is the umbrella association of traders in all the markets in the South East geo-political zone and traders of South East extraction doing business across the states of the Federation and in the Diaspora.
The association made this known in an open letter addressed to the Governor of the CBN, Dr. Godwin Emefiele, on Monday and also made available to newsmen in Enugu.
President-General of SEAMATA, Chief Gozie Akudolu and the Secretary, Mr Alex Okwudiri, Jointly signed the letter respectively.
“We are directed to formally bring to your notice the indiscriminate act of financial oppression which our members and all depositors and operators of bank accounts experience on a daily basis from commercial banks through indiscriminate charges and deductions”.
The statement made it clear that most of the transactions are the social responsibility of the banks, adding that the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature. in
“Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same, and perform such other transactions for and as directed by the customer through various bank instruments.