A not-for-profit group, Consumer Advocacy Foundation of Nigeria is championing the protest.
According to a petition posted on their website, the #NoBankingDay is aimed at pressuring Nigerian banks to review their charges downwards. The group is also calling for a review of bank forms and contracts to include more protection for consumers and for consumer complaints to be resolved promptly and satisfactorily.
Other demands are that banks must clear fees with consumers before debiting their accounts and that CBN must review the new Stamp Duty Charge, Account Maintenance Charge and Debit Card Maintenance Fees.
“March 1 is “No Banking Day” Protest against excessive bank charges on Nigerians. For many years now, consumers of banking services have been subject to series of poor and unsatisfactory transaction and relationship terms,” the organisation’s president, Sola Salako said in the post.