The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, alongside chief executives of major commercial banks, to address rising complaints of arbitrary deductions and multiple bank charges imposed on customers across the country.
The resolution was adopted at Tuesday’s plenary following a motion by Muktar Shagaya, representing Ilorin West/Asa Federal Constituency, who accused banks of routinely levying "multiple and unjustified charges" in breach of existing CBN regulations.
Shagaya listed recurring deductions, including SMS alert fees, card maintenance costs, interbank transfer charges and account upkeep levies, many of which he described as duplicated or unexplained.
He warned that such practices were eroding public trust in the financial system and hindering efforts towards financial inclusion.
"While banks are expected to render services at fair and transparent costs, the daily experiences of Nigerians reflect a pattern of exploitation and opacity," he said.
Consequently, the House directed its Committee on Banking Regulations to conduct an investigative hearing within four weeks, compelling Cardoso and bank executives to appear before lawmakers to justify the charges and outline measures to protect consumers.
Lawmakers also urged the CBN to publish a simplified and accessible schedule of approved bank charges and to sanction any financial institution found in violation of stipulated guidelines.
Additionally, the Federal Competition and Consumer Protection Commission (FCCPC) was mandated to embark on a nationwide sensitisation campaign to educate customers on their rights and available channels for redress against unfair banking practices.
The summons comes amid mounting public frustration over the state of the economy, with inflation surpassing 30 per cent and the naira continuing to depreciate against major foreign currencies.
Comments
Post a Comment