Addressing Concerns: Stakeholders Advocate for Reform in Banking Sector Amid High Charges

Stakeholders at the recently concluded International Accountants’ Day have voiced concerns about the exorbitant charges levied by banks, prompting a collective call for an immediate overhaul of the banking industry to enhance financial literacy and inclusion.

The 2023 International Accountants’ Day, organized by the Association of National Accountants of Nigeria (ANAN), Federal Capital Territory (FCT) 1 branch, centered around the theme “Advancing Financial Literacy for a Sustainable Future.”

During the discussions, Associate Prof Adamu Garba Zango, a former head of the Accounting Department at Baze University Abuja and a former executive of the defunct Bank of the North, expressed apprehension about the substantial charges imposed on financial transactions by banks. Zango emphasized that these charges adversely impact customers’ incomes, citing a significant departure from the past when savings attracted interest, encouraging individuals to keep their funds in the bank.

Zango raised concerns about unexplained debits on customers’ accounts, highlighting that such practices could discourage people from engaging with banking services. He urged the implementation of clear and effective policies to support citizens in navigating the new digital financial landscape.

Elisha Shavah, the host and chairman of ANAN FCT 1 Abuja, acknowledged the contemporary economic challenges that make saving more difficult. He stressed the importance of discipline and heightened financial literacy, particularly among the younger generation. The chosen theme, “Advancing Financial Literacy for a Sustainable Future,” aimed to educate participants on the significance of embracing financial literacy as a means to safeguard their financial well-being and ensure a sustainable future.