The arbitrary charges by banks in the country caught the attention of the lawmakers during the week.
In an oversight motion, the House resolved to probe arbitrary and excessive bank charges imposed on customers by commercial banks.
Moving the motion, Tolani Shagaya (APC, Kwara) raised concerns about multiple unexplained deductions, including card maintenance fees and SMS alert charges.
Mr Shagaya lamented that despite the Central Bank of Nigeria’s (CBN) tariff guidelines designed to regulate bank charges, most financial institutions continue to flout the rules with impunity. The lawmaker expressed worry that the persistent deductions have worsened the financial strain on Nigerians, especially low-income earners, students, small business owners, and vulnerable groups, who already struggle to cope with the rising cost of living.
The House resolved to mandate its Committee on Banking Regulations to urgently invite the CBN and asked the bank to publish an approved list of legitimate bank charges and create an accessible redress system for aggrieved customers.
