The House of Representatives has launched a full-scale investigation into the exploitation of bank customers in Nigeria, summoning the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the heads of major commercial banks to appear before it.
The decision followed a motion presented by Hon. Muktar Shagaya (Ilorin West/Asa), who raised the alarm over a deluge of complaints from Nigerians concerning arbitrary and excessive deductions from their accounts. These charges, which include fees for SMS alerts, card maintenance, and interbank transfers, often lack clear justification and violate existing CBN guidelines.
Shagaya warned that this persistent exploitation risks eroding public trust in the banking system and undermining the nation’s financial inclusion goals.
In response, the House has mandated its Committee on Banking Regulations to conduct an investigative hearing. The probe will scrutinize the claims of unjustified fees and assess the CBN’s enforcement of its own regulations.
The lawmakers have given the committee a four-week deadline to conclude its hearings and report back for further legislative action. Additionally, the House has called on the CBN to publish a clear list of all approved charges and establish a more transparent customer complaint mechanism.
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