Lanre Kasim of Guaranty Trust Bank has called on bank customers to deepen fraud awareness and improve financial literacy to better protect their finances.
Kasim made the appeal while speaking on customer responsibilities at a stakeholders’ meeting organised by the Nigeria Deposit Insurance Corporation on Saturday in Lagos.
She described financial literacy as the knowledge and skills required for informed decision-making, stressing that it plays a critical role in safeguarding personal assets from fraud and mismanagement.
According to her, consumer protection encompasses rules and frameworks designed to ensure customers are treated fairly and their funds remain secure.
Kasim urged customers to stay updated on emerging fraud trends, acquire digital banking skills and promptly report suspicious transactions.
She emphasised the need for customers to understand banking products, protect personal information and comply with safety measures to reduce exposure to financial crimes.
“It is our responsibility as bank customers to understand the services provided, choose the right institution and protect our passwords, cards and personal data,” she said.
The bank official warned against using identical passwords, ignoring terms and conditions, engaging unverified agents and overlooking unusual transaction alerts.
She also cautioned customers against sharing sensitive details such as Bank Verification Numbers and National Identification Numbers, noting that such information is critical to fund security.
Kasim further decried incidents where individuals sell their banking identities to fraudsters, warning that such actions could lead to financial losses and legal consequences.
She advised customers to avoid suspicious links, reject unsolicited ATM assistance and act swiftly if phones linked to bank accounts are stolen.
She added that customers must meet obligations, including loan repayments, noting that deposits entrusted to banks ultimately belong to the public.
While regulators and financial institutions have introduced policies and awareness campaigns, she stressed that customer vigilance remains essential in curbing fraud.
Also speaking, Ibrahim Tuggar of the Consumer Protection Department at the Central Bank of Nigeria outlined measures aimed at eliminating hidden charges and promoting transparency in the banking sector.
He said the apex bank had introduced a guide to bank charges to harmonise and standardise pricing across licensed institutions, a move expected to strengthen financial stability and enhance public trust.
“The idea of having these charges is to harmonise and streamline fees across all financial institutions licensed by the CBN,” Tuggar said, adding that each category of institution has a clearly defined list of permissible charges.
He explained that electronic transfers below N5,000 attract a N10 fee; transfers between N5,000.01 and N50,000 cost N25; while transactions above N50,000 attract a N50 charge.
Issuing or replacing an ATM card carries a one-off N1,000 fee, and foreign currency credit cards have a 10-dollar annual charge.
For naira cards linked to current accounts, he noted there is no maintenance fee, while savings-linked cards attract a maximum quarterly charge of N15.
Tuggar observed that most banking complaints now stem from electronic channels due to the growing volume of digital transactions.
He urged Nigerians to live within their means, avoid unnecessary debt, adopt budget-based spending and invest wisely.
He further advised customers to shun unlicensed operators, monitor accounts regularly and leverage digital tools to track expenses.
Outlining complaint procedures, Tuggar said customers should first lodge issues with their bank and obtain an acknowledged copy bearing a reference number, noting that banks are expected to resolve complaints within two weeks in line with regulatory guidelines.
“If the bank delays or the customer is dissatisfied, the complaint can be escalated to the CBN’s Consumer Protection Department,” he said, stressing the importance of providing complete and accurate information when filing complaints with regulators.
