The House of Representatives has summoned the Central Bank of Nigeria (CBN) and several deposit money banks to appear before its Committee on Banking and Currency following rising complaints from Nigerians over arbitrary deductions and excessive charges on customers’ accounts.
The lawmakers, during plenary on Tuesday, expressed concern that commercial banks have continued to impose various fees on customers including SMS alerts, card maintenance, and electronic transfer charges despite CBN guidelines meant to regulate such deductions.
Chairman of the Committee, Hon. Babangida Ibrahim, said the summons was necessary to protect consumers from what he described as “financial exploitation” by banks. He noted that several petitions had reached the National Assembly from individuals and small businesses who claim they are being overcharged without proper explanations from their banks.
“The House cannot sit back and watch Nigerians suffer unnecessary losses in the hands of institutions meant to serve them,” Ibrahim stated. “We will engage the CBN and the banks to ensure full compliance with approved charges and transparency in all financial transactions.”
Lawmakers also called on the apex bank to strengthen its consumer protection department and create more accessible complaint channels for aggrieved customers.
The CBN and the affected banks are expected to appear before the committee within two weeks to provide explanations and present data on all customer-related charges collected in the last 12 months.
If found guilty of violating approved guidelines, the committee warned, erring banks may face sanctions in line with existing financial regulations.
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