The House of Representatives has resolved to investigate arbitrary charges imposed on customers by commercial banks in Nigeria. The resolution followed a motion moved by Hon. Mukhtar Shagaya.
Customers have been complaining about multiple and duplicated deductions, including SMS alerts, card maintenance fees, and account maintenance charges. These charges violate existing guidelines issued by the Central Bank of Nigeria (CBN).
Hon. Shagaya warned that unchecked practices by banks could erode public trust in the financial system, harm small businesses, and frustrate financial inclusion efforts. “These practices are unacceptable and must be stopped,” he emphasized.
The House directed the CBN to publish a simplified list of approved bank charges and enforce sanctions against any bank found in violation. It also urged the apex bank to establish a customer complaints redress mechanism.
The House mandated the Committees on Banking Institutions and Banking Regulation to investigate the matter. They are to invite the CBN and major commercial banks to appear before them and report back within four weeks.
Lawmakers emphasized that the move aligns with their constitutional duty to protect citizens from exploitative financial practices and strengthen consumer confidence in the banking sector.
The investigation aims to ensure accountability and transparency in the banking sector. The House is determined to protect the rights of bank customers and promote a fair financial system.
