Nigerian Customers Cry Out Against Bank Exploitation Over 7.5% VAT Charges

Nigerian customers are expressing concerns over banks exploiting them with excessive charges related to the 7.5% Value Added Tax (VAT) on services. They are urging the Central Bank of Nigeria (CBN) to intervene and ensure that banks do not overcharge customers.

The customers are facing challenges due to increasing bank charges, including VAT, stamp duty, and various fees. The Nigerian Revenue Service mandates financial institutions to collect VAT on electronic transactions.

Customers are calling for transparency and fair practices in banking operations to alleviate financial burdens.