Bank customers in Nigeria are increasingly voicing their frustrations over what they describe as incessant and excessive charges, appealing to the Bank Customers Association of Nigeria (BCAN) for immediate intervention.
The outcry reflects a widespread dissatisfaction with the rising cost of banking services, which many customers feel are unjustified.
Customers who spoke with the News Agency of Nigeria (NAN) shared numerous examples of what they consider to be unfair deductions. Mrs. Helen Agodo, a customer of First HoldCo Plc, recounted how her account was debited with various charges amounting to N1,000 in a single day, which she described as an “unbearable” financial burden.
She urged BCAN to engage with the Central Bank of Nigeria (CBN) and other relevant regulatory bodies to put an end to these unauthorized deductions.
This sentiment was echoed by Cheta Ugochukwu, a Guaranty Trust Bank Plc customer, who lamented a monthly charge of N1,146 for SMS alerts, which she considered to be an “unfair business model.” She also noted an incorrect electronic money transfer levy of N100, instead of the mandated N50.
A bank official, who requested anonymity, defended the charges, stating they are levied in accordance with the CBN’s guidelines.
However, this defense has done little to quell the public outcry. In response to the growing number of complaints, the BCAN, a non-profit organization dedicated to advocating for bank customers, has already formally communicated with the CBN regarding the issue. BCAN’s primary mission is to empower the public by educating them on banking practices and advocating for their rights.
The association serves as a collective voice for millions of Nigerian bank customers, and their engagement with regulatory authorities is seen as a crucial step toward addressing these concerns.
While banks argue their charges are legitimate and governed by regulatory frameworks, customers believe that the sheer volume and nature of these fees are counterproductive and erode trust in the financial system.
NAN
