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Many bank customers across Nigeria have raised concerns over arbitrary debits and excessive charges from their banks, describing them as exorbitant and unwarranted.
Speaking to the News Agency of Nigeria in Abuja on Sunday, some customers expressed frustration over what they described as daily deductions that seem unjustified.
Mrs. Helen Agodo, a First Bank customer, shared her experience, noting that daily deductions from her account were becoming unbearable. “There are days when I receive debit alerts totaling N1,000 from my bank in just a single day,” she said. “It makes you wonder how much banks are raking in when they do this to thousands of customers.”
Miss Cheta Ugochukwu, a Guaranty Trust Bank (GTB) customer, described the charges as excessive and unfair. She claimed that the charges often came unexpectedly, especially at night, and highlighted issues with telco-related fees. “I get the N6.98 Telco charge multiple times in a day, even though I only made a few online transactions,” she said. “It’s unfair, especially with the current economic challenges.”
Responding to these concerns, Mohammed Muazu, Head of the Complaint Management Division at the Consumer Protection Department of the Central Bank of Nigeria (CBN), urged customers to familiarize themselves with the CBN’s guidelines on bank charges. He advised customers to review their bank statements regularly and compare the charges to the official CBN guidelines.
“If your bank charges you more than what is stipulated by the CBN, you have the right to challenge it. Most customers don’t even review their account statements, which is crucial,” Muazu explained. He emphasized the importance of escalating unresolved complaints, noting that the CBN serves as the second level of intervention after customers have lodged complaints with their banks.
Muazu also advised customers to fully understand the terms of any banking product before subscribing to it, to avoid unnecessary fees.
An anonymous bank official, speaking on the issue, stated that their bank strictly adheres to the CBN’s guidelines on charges, suggesting that any variations should be reported for review.
This growing concern underscores the need for transparency and customer protection in Nigeria’s banking sector. The CBN’s call to action encourages customers to take a proactive approach in monitoring and reporting any irregularities in bank charges.
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