The Bank of Ghana (BoG), has directed all banks and Specialised Deposit-Taking Institutions (SDIs) in the country to desist from the collection of some fees and charges it describes as ‘unfair’ on the provision of its products and services.
In a notice issued on Friday, June 18, 2021, the Central Bank averred the imposition of the said fees and charges are inappropriate and detrimental to the financial inclusion agenda of government and the protection of customers’ interests.
The “unfair fees and charges” as noted by the Central Bank include;
- Credit Insurance Premium Overcharge
- Maintenance Fees on Savings Account
- Over the Counter (OTC) Withdrawal Charges
- Change of Ownership of Collateral Documents
- Application of Interest on Penal Charges
- Quotation of Monthly Interest Rates on Credit Facilities
- Third Party Deposit/Withdrawal Violations
Read details below:
BOG Notice No BG-GOV-SEC-2021 – 12- Abolition of Unfair Practices Final… by Fuaad Dodoo on Scribd
