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Nigerians Demand CBN Action Over Excessive Bank Charges
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Complaints include high SMS alert and transfer fees.
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Regulators urged to investigate and enforce compliance.
Bank customers across Nigeria are calling on the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to address what they describe as unjustifiable and excessive charges imposed by commercial banks.
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EKO HOT BLOG reports that Speaking to the News Agency of Nigeria in Abuja, several customers expressed frustration over frequent debit notifications and deductions that they claim breach official guidelines.
Some reported being charged up to N1,000 in a single day for withdrawals, while others cited inflated SMS alert fees and electronic money transfer levies higher than stipulated.
Mrs. Helen Agodo, a First HoldCo Plc customer, said daily deductions from her account sometimes total N1,000, calling the practice “intolerable.”
GTBank customer Miss Cheta Ugochukwu described her monthly SMS alert charges of N1,146 as “too much” and complained of being charged N100 for an Electronic Money Transfer Levy, instead of the regulated N50.
A Fidelity Bank customer, Mr. Usman Idris, alleged that N3,700 was deducted from his account as maintenance fees.
He said the bank demanded a formal letter before explaining the charges. Similarly, Access Holdings Plc customer Mr. Roland Garba urged financial regulators to step in and stop what he termed exploitative practices.
However, a bank representative, who declined to be named, insisted that the charges were in line with CBN’s approved tariff for financial institutions.
Despite repeated complaints, customers say the deductions for services such as account maintenance, SMS alerts, interbank transfers, ATM usage, POS transactions, and card issuance have persisted, worsening financial strain amid the rising cost of living.
