Nigerian Bank Customers Protest Excessive Charges, Urge CBN and NDIC to Intervene

Bank customers across Nigeria are voicing strong dissatisfaction over what they describe as excessive and frequent debit alerts on their accounts, calling on the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and other regulators to intervene. Many customers say these charges are not only discouraging but also undermine trust in the banking system.

Helen Agodo, a First HoldCo Plc customer, said she sometimes receives up to ₦1,000 in debit alerts within a single day, making her question the fairness of the deductions. She stressed that if multiplied across thousands of customers, such charges represent significant revenue for banks, which she considers unjustified.

Similarly, Miss Cheta Ugochukwu, a Guaranty Trust Bank (GTB) customer, described the charges as “unfair” and inconsistent with the principles of CBN’s cashless policy. She revealed she was billed ₦1,146 for SMS alerts in one month and was even charged ₦100 for an Electronic Money Transfer Levy, double the ₦50 stipulated by regulation. She said she had contemplated disabling SMS alerts to avoid extra fees.

Other customers, like Usman Idris of Fidelity Bank, reported large maintenance fees, citing a recent deduction of over ₦3,700 from her account. Idris expressed frustration that the bank required her to write an official complaint before receiving clarification, noting the contrast with how easily funds were deducted without her consent.

Roland Garba, a customer of Access Holdings Plc, echoed calls for the CBN, NDIC, and other regulators to investigate and address the situation promptly. However, a bank official who spoke anonymously insisted that the charges comply with the CBN’s official guide on bank charges, suggesting the deductions are within regulatory limits despite public dissatisfaction.

Source: Leadership