Banks that flout BoG’s fee charging directive must face sanctions – Banking Consultant

• The Bank of Ghana (BoG) has directed banks to put an end to charging customers unfairly

• The directive is under Section 3 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)

• It is also to ensure that the interest of customers of banks and SDIs are adequately

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A Development Banking Consultant, Dr Richmond Atuahene has urged the central bank to strengthen its oversight on banks and Special Deposit-Taking Institutions that flout the new directives to desist from charging customers a number of fees for accounts holders.

According to him, banks that flout the directive must face proper sanctions.

In an interaction with Citi Business monitored by GhanaWeb, Atuahene described the decision “as a step in the right direction and must be enforced to the letter adding if people report any deviant to them, they should take action against any such bank.”

He continued, “Some customers are ignorant, and they [banks] know we cannot report them to anyone and even if you report, it was going to take a long time. They were debiting customers GHS5 or GHS10, and they make huge profits.”

Meanwhile, the person has made deposits on their accounts, and you are using the same money to trade. So, the banks are not being fair to their customers. I think the Bank of Ghana is only telling them now that they have to be fair to customers. It will be good for customers. The banks were milking people.”

Meanwhile, the Bank of Ghana in a statement issued on Friday 18, 2021, directed banks and Specialized Deposit-Taking institutions to refrain from applying seven different fees and charges and desist from engaging in some unlawful bank practices.

The fees and unfair charges amid the unlawful practices identified by the central bank include: Credit Insurance Premium Overcharges, Maintenance Fees on Savings Account, among others, Over the Counter (OTC) Withdrawal Charges as well as the requirement by some banks for borrowers to make them part owners in some assets they present for use as collateral for loans.