Lagos: Guaranty Trust Bank (GTBank) and the Central Bank of Nigeria (CBN) have sounded a fraud alert, urging customers to sharpen their awareness and embrace financial discipline as the strongest defence against rising digital scams and hidden charges.
Speaking at a stakeholders’ meeting organised by the Nigeria Deposit Insurance Corporation (NDIC), Mrs Lanre Kasim of GTBank stressed that financial literacy is not optional but essential.
She urged customers to understand banking products before signing up, protect their passwords, cards, and personal data, avoid suspicious links and unsolicited ATM assistance, and report any unusual alerts or stolen phones immediately.
Kasim warned against reusing passwords, ignoring fine print, or dealing with questionable agents. She condemned cases where individuals sold their banking identities to fraudsters, noting that such actions expose them to losses and legal consequences.
Ibrahim Tuggar from the CBN’s Consumer Protection Department explained that the apex bank has introduced a guide to bank charges to harmonise fees across licensed institutions.
He outlined that electronic transfers below ₦5,000 attract a ₦10 fee, transfers between ₦5,000.01 and ₦50,000 cost ₦25, and transfers above ₦50,000 incur a ₦50 fee. ATM card issuance or replacement costs ₦1,000, while foreign currency credit cards require a $10 annual charge.
Naira cards linked to current accounts have no maintenance fee, while savings‑linked cards attract a maximum quarterly ₦15 charge.
Tuggar emphasised that most complaints now stem from electronic banking channels, driven by high transaction volumes. He urged Nigerians to live within their means, avoid unnecessary debt, and use digital tools to track spending.
He reminded customers that banks must resolve complaints within two weeks, and unresolved issues can be escalated to the CBN’s Consumer Protection Department.
Both GTBank and CBN agreed that regulators can set policies, but customer vigilance remains the frontline defence. Customers must keep up with loan repayments, monitor accounts regularly, shun unlicensed operators, and provide full details when making complaints.
The message is clear: fraud tactics are evolving, but smarter, safer banking habits can keep customers ahead. GTBank and CBN are pushing Nigerians to combine vigilance with financial discipline — because in today’s digital economy, awareness is the ultimate shield.
