The House of Representatives has ordered an investigation into what it described as “incessant and arbitrary deductions” from customers’ bank accounts by commercial banks across Nigeria.
This followed the adoption of a motion sponsored by Hon. Tolani Shagaya (APC–Kwara) during Tuesday’s plenary, amid growing complaints from Nigerians over unexplained charges and multiple bank deductions.
Shagaya, who led the debate, lamented that despite clear regulations issued by the Central Bank of Nigeria (CBN) on approved bank tariffs, several financial institutions continue to impose unapproved or duplicated fees on customers.
“Many Nigerians are being shortchanged through exploitative practices such as multiple SMS alert fees, card maintenance charges, account maintenance fees, interbank transfer deductions, stamp duties, and other unexplained debits,” he said.
He stressed that such practices were not only unjust but also eroded public trust in the banking system, adding that the situation has worsened financial exclusion in the country.
“These deductions disproportionately affect small businesses, students, and low-income earners who are already struggling under current economic hardship. If unchecked, they will continue to frustrate the CBN’s financial inclusion objectives,” Shagaya warned.
Following extensive deliberation, the House directed the CBN to immediately publish a comprehensive and simplified list of all approved bank charges and enforce strict sanctions against erring banks.
The lawmakers also tasked the apex bank to establish an efficient complaints redress mechanism for customers who have suffered from illegal or excessive charges.
Similarly, the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies were urged to embark on nationwide consumer sensitization campaigns to enlighten bank customers about their rights.
The motion further mandated the House Committees on Banking Regulations and Banking Institutions to summon the CBN Governor and chief executives of major commercial banks to explain the rising trend of arbitrary deductions.
The committees are to report back to the House within four weeks for further legislative action.
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