The House of Representatives has moved to investigate the growing complaints by Nigerians over arbitrary and unexplained deductions by commercial banks across the country.
The motion was sponsored by Hon. Tolani Shagaya (APC, Kwara).
The lawmaker raised concerns about what he described as “incessant, arbitrary, and unexplained charges” being deducted from customers’ accounts despite existing Central Bank of Nigeria (CBN) regulations.
Presenting the motion during plenary on Tuesday, Shagaya noted that while banks are expected to provide essential financial services at fair costs, many Nigerians have continued to face multiple deductions such as SMS alert fees, card maintenance fees, account maintenance charges, interbank transfer fees, stamp duties, and other unexplained debits, many of which he said, are duplicated or unaccounted for.
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He said that such practices persist even though the CBN has issued clear guidelines regulating bank tariffs, most of which are being flouted with impunity by financial institutions.
“These exploitative practices disproportionately affect businesses, low-income earners, students, and vulnerable groups who are already struggling amid harsh economic realities.
“If not urgently investigated and addressed, they will continue to erode public trust in the banking system, increase financial exclusion, and undermine the CBN’s financial inclusion objectives,” he said.
However, the House urged the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to embark on nationwide consumer education campaigns to enlighten customers about their rights regarding bank fees and charges.
The motion further directed the House Committee on Banking Regulations and Banking Institutions to invite the CBN and major commercial banks to appear before it and explain the recurring cases of arbitrary deductions.
The committees were also mandated to report back to the House within four weeks for further legislative action.
