The Money Deserves Better Movement, a consumer-oriented organization, has urged Nigerian banks to lower transaction fees and enhance the value of returns on investment for their customers.
This call comes as a response to the revelation that banks’ fees and commissions income surged by 17.5% to N365 billion in the first quarter of 2023, while the interest earned on high-interest savings accounts only averaged four to five percent per year.
The MDBM expressed concern over these modest investment returns, especially considering the current inflation rate in Nigeria, which stands at 24.08% according to the National Bureau of Statistics.
The group emphasized the need to advocate for more favorable terms for their money. They demand higher interest rates to encourage saving and seek improved access to investment opportunities.
In their statement, the group proclaimed, “We are taking a stand for our finances. Our money deserves better treatment.
Saving should yield higher returns, incentivizing us to save rather than spend. Access to improved investment options should be effortless. Consequently, we’re taking to the streets to champion our cause.”
Bamise Lucas, a member of MDBM, underscored their focus on advocating for improved rates and reduced transaction charges.
Their overarching aim is to drive a financial revolution that enhances the benefits offered by financial services to customers and attracts more individuals to participate.
Sarah Ola, the Public Relations Officer of MDBM, highlighted that implementing these changes would motivate more people to entrust their funds to banks, leading to better investment returns.
The movement is also advocating for lower costs associated with electronic transactions, considering the growing trend of digitized financial activities.
Ola emphasized that reduced transaction charges would facilitate the widespread adoption of digital payment methods, fostering financial inclusivity and efficiency.
Furthermore, Ola advised investors to explore alternative investment avenues with companies authorized by the Securities and Exchange Commission, which could potentially yield even higher returns than traditional banks.
