The House of Representatives has summoned the Central Bank of Nigeria and major commercial banks over what it described as arbitrary and excessive charges on customers’ accounts.
The decision followed a motion moved by Kwara lawmaker Tolani Shagaya during Tuesday’s plenary, which was presided over by Speaker Tajudeen Abbas.
Shagaya, who sponsored the motion titled “Need to curb arbitrary bank charges and protect Nigerian customers,” said many Nigerians are being subjected to unnecessary deductions despite repeated warnings from the apex bank.
“These incessant charges have become not only a source of frustration but also a barrier to financial inclusion. When citizens lose confidence in the banking system, it defeats the government’s efforts to build a robust digital and cashless economy,” Shagaya said.
He noted that if the practice continues unchecked, public trust in the banking system will weaken, discouraging savings and affecting the CBN’s financial inclusion goals.
The House directed the CBN to publish a clear and comprehensive list of all approved bank charges to promote transparency and consumer awareness. It also urged the apex bank to enforce strict sanctions against banks that violate its directives.
Lawmakers further asked the CBN to set up an accessible complaint system for customers to report arbitrary deductions and seek quick resolution.
The House also called on the Federal Competition and Consumer Protection Commission to begin a nationwide campaign to educate customers on their banking rights and the proper channels for complaints.
The Committee on Banking Regulations was directed to invite representatives of the CBN and deposit money banks to appear before it and explain the continuous deductions from customers’ accounts.
The committee will also monitor compliance with banking regulations and propose new laws to improve consumer protection in Nigeria’s financial sector.
