High Bank Charges Frustrate Customers
According to Finscope findings of 2018, out of 18 million people in Uganda, only 11% have access to social services. Kanya Steven, one of the bank customers says that he has made complaints about the charges that he faces.
“If you don’t have a saving of 20,000 Uganda shillings at the end of the month, they charge you 20,00 shillings, they are some charges they put on you and it is quite expensive,” said Kanya.
Kamya is, however, part of other numerous bank users that have found the charges by banks too high. Some users claim that banks deduct money without explaining their course of action and why the charges were placed on the customers.
They say that due to these charges, people end up feeling constrained and fail to trust the bank with their money stating that once it is put in the bank, it will be on a reduced scale.
Managing Director of Eco Bank, Clement Dodoo replied to these claims saying that banks incur costs on technology and he says part of the cost has to be passed on.
” But there is a lot that goes into consideration while looking at what we charge, we do a market survey and see what others are charging and then we place that in context with your cost and then we send it out,” said Dodoo.