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NOI Polls Says 61% of Banks’ Customers Complain of Hidden Charges

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NOI Polls has revealed that majority of customers of banks in Nigeria complain of hidden charges on them for banking services.

Latest weekly poll results released by NOI Polls revealed that the majority of banking Nigerians (61 percent) agreed that Nigerian banks are exploiting their customers through hidden bank charges.

 In addition, First Bank was judged to have the best customer service delivery closely followed by GT Bank. These were the two key findings from the Bank Customer Service Snap poll done in the week of March 11th 2013.

NOI Poll also explained that it under took the study following conversations among the banking public on poor service delivery and unexplained charges by banks on transactions. banks

It is against this backdrop that NOI Polls sought the opinions of banking customers on customer relations and service delivery of Nigerian Banks over the last quarter.

“It is our hope that the results from this poll will guide banking executives and relevant Corporate/Customer service champions to re orientate the industry on quality service delivery and sustained customer relationship, after all  the ‘customer is king” NOI Poll declared.The NOI Polls survey asked respondents five specific questions.

The first question sought to establish the perceptions of Nigerians about the bank that had the best customer service.

Respondents were asked: Which Nigerian bank has the best customer service? It is also pertinent to note that respondents were informed that the bank selected did not have to be their personal bank.

Overall, by a slim margin the majority (29 percent) stated that First Bank has the best customer service followed by GT Bank with 26 percent. These two banks were perceived to be the best banks by a considerable distance. They were followed by Zenith Bank (nine percent), UBA (eight percent), Ecobank (seven percent) and Access Bank (six percent).

Analysis of the results showed some interesting facts. First Bank is mainly strong in terms of customer service in the South East (37 percent) and South South (35 percent) while GT Bank is particularly strong in the South West (35 percent).

Zenith Bank is second to First Bank in the South East with 16 percent while UBA is second to First Bank in the North West with 21 percent.  Analysis according to gender shows more female (31 percent) rooting for First Bank over GT Bank (23 percent) whilst there is only a difference of one percent for the males.

Respondents were subsequently asked: Why do you think the bank mentioned has the best customer service?

Overall, the majority of respondents (35 percent) chose the Bank mentioned because the “Staff are friendly and helpful”.

This is followed by 22 percent with the explanation that “Staff are knowledgeable and efficient” and 13 percent each mentioned “Staff are good at settling complaints” and “Staff are patient with customers”.


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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