The Bank of Ghana has directed banks and Specialized Deposit-Taking Institutions to abolish unfair fees, charges and other practices in the banking sector.

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This is in line with its mandate to deal with unlawful or improper practices of banks and SDIs under Section 3 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and to ensure that the interest of customers of banks and SDIs are adequately protected.

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They include Credit Insurance Premium Overcharges, 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 and Third Party Deposit/Withdrawal Violations.

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These practices, the Central Bank, said are deemed to be unfair, inappropriate and detrimental to the financial inclusion agenda and the protection of customers’ interest.

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