Gbajabiamila call on Banks to avoid exploitative marketing
The Speaker of the House of Representatives, Femi Gbajabiamila, has condemned the exploitation of customers through hidden charges by commercial banks.
He also called on commercial banks to avoid any form of marketing which exploits their workers.
The speaker stated this while hosting the Board and Management of Standard Chartered Bank, led by the Chief Executive Officer, Lamin Manjang, on Monday.
According to a statement by his aide, Lanre Lasisi, Mr. Gbajabiamila said that motions on hidden charges have been discussed on several occasions on the floor of the house.
“We have issues that come up in your industry, so this visit is a welcome development.
“One of the issues at stake is the rate at which banks charge customers. There are claims that banks have hidden charges. This has come up a couple of times on the floor of the House. This is something that we should look into,” he said.
The Speaker added that the practice of hidden charges is unacceptable.
On marketing methods adopted by many banks, Gbajabiamila said banks need to avoid any form of marketing which exploits their workers.
He expressed concern over marketers moving from one house or office to another in order to meet targets given to them by the banks.
“You have corporations in the UK and other parts of the world. What obtains here in banking, in terms of marketing – sending people to go and knock at people’s offices and all that; does it obtain in those places?” he asked.
“If it doesn’t obtain in those countries, it is not international best practice; why should it obtain here?
“We are here to support you. Whatever we need to do, we should do it to support you. We need to know the kind of marketing that takes place. Is its digital marketing?
“We also have to set realistic targets for the marketers. We have the responsibility to protect Nigerians, and we also have the responsibility not to kill your business. So, it is a delicate situation.”
Reacting to the claims, CEO of Standard Chartered Bank, Mr. Manjang said the marketing style is not peculiar to Nigeria but it has to be ethical.
“Teams usually go round. But the ethical conduct has to be there. You need to have marketing for people to know what you offer. If there are any abuses or conducts that are not ideal, they should be called out and addressed,” he added.