The House of Representatives on Tuesday launched an investigation into what it described as “arbitrary, excessive, and unexplained” bank charges imposed on Nigerian customers by commercial banks.
The resolution followed the adoption of a motion of urgent public importance moved by Tolani Shagaya, a lawmaker representing Kwara State, during plenary. The session was presided over by Speaker Tajudeen Abbas.
Shagaya, in his motion titled “Need to curb arbitrary bank charges and protect Nigerian customers,” said that money deposit banks continue to ignore Central Bank of Nigeria (CBN) guidelines and levy customers with recurring, unjustified deductions.
“These incessant charges have become not only a source of frustration but also a barrier to financial inclusion,” Shagaya said.
“When citizens lose confidence in the banking system, it defeats the government’s efforts to build a robust digital and cashless economy.”
Lawmakers referenced past instances of similar motions, including in 2016 and 2023, where banks were accused of abusing ATM withdrawal fees and making unauthorised deductions in defiance of financial regulations.
Examples of the charges under scrutiny include:
- Excessive SMS alert fees
- Card maintenance charges
- Unjustified account maintenance deductions
- Interbank transfer costs
The House has now directed the CBN to immediately:
Publish a simplified list of all approved bank charges
Enforce strict compliance with its directives
Establish a customer-friendly redress system for complaint resolution
Additionally, the Committee on Banking Regulations has been tasked to summon the CBN and major commercial banks for explanations and to recommend regulatory measures that would strengthen consumer protection.
Lawmakers also called on the Federal Competition and Consumer Protection Commission (FCCPC) to begin a nationwide awareness campaign, educating Nigerians on their rights and how to seek redress for unlawful charges.
