Knowledge Is Power!

The decision by the Governor of the Bank of Central African States obliging finance institutions to make public vital information to their customers on different operations within their structures is no doubt commendable.  At least while waiting to know the mechanisms put in place to ensure that the instructions are followed to the letter, customers and their banks can already start hoping that the inconveniences the poor mastery of banking operations caused both parties would in no distant future be a thing of the past. 
It is commonplace to hear customers complaining of exorbitant and sometimes controversial rates charged them for services that banks are by legislation supposed to deliver cost-free. For instance, opening bank accounts, issuing chequebooks, accessing the account on the spot, issuing proofs that the customer does not owe the bank any money, cash deposit in branches of the same bank, withdrawing banknotes in automatic teller machines of the card holder's bank, change of address as well as issuing monthly bank statements are some of the services that customers are to have for free.  But how well this is true still remains a mystery. 
The role of any financial institution is to accept savings from customers and give out loans to deserving ones. This is how every functional economy works. In fact, it is a ‘give and take’ setup wherein all actors are supposed to be on the same line of understanding to ascertain the win-win connotation of the partnership. Depriving one partner of the functional information or not making it clear enough for his or her optimal understanding is betraying the sincerity that partnership, especially in monetary transactions is supposed to have.
It is true that ignorance of any law; including principles of banking operations, is no excuse. But when such ignorance is masterminded from the base apparently with the target to exploit the naivety of the other partner for selfish gains, it can only be seen as dishonesty. Worse still, the poor understanding of banking operations by those already within makes efforts to get those still hoarding money at home adhere difficult. Bank users would tell anyone who wants to listen that the care they receive when creating a bank account ...



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