Reps summon CBN, Banks over unexplained customer deductions

By Gift Chapi-Odekina, Abuja

The House of Representatives has summoned the Central Bank of Nigeria (CBN) and large commercialized banks to explicate the rising question of arbitrary and unexplained deductions from customers’ accounts crossed the country.

This followed the adoption of a question of urgent nationalist value moved by Hon. Tolani Shagaya (APC, Kwara) during plenary connected Tuesday.

Shagaya expressed interest implicit what helium described arsenic “incessant, arbitrary, and unexplained charges” imposed by banks contempt existing CBN guidelines regulating fiscal work fees.

He noted that portion banks are expected to supply indispensable services astatine just and transparent costs, galore customers proceed to acquisition aggregate deductions — including SMS alert fees, paper and relationship attraction charges, transportation fees, stamp duties, and different unexplained debits — immoderate of which are duplicated oregon unjustified.

“These exploitative practices disproportionately impact businesses, low-income earners, students, and susceptible groups already struggling amid harsh economical realities,” Shagaya said. “If not urgently investigated and addressed, they volition proceed to erode nationalist spot successful the banking strategy and undermine fiscal inclusion efforts.”

Adopting the motion, the House directed the CBN to people a simplified database of approved slope charges and enforce strict sanctions connected banks violating its regulations.

Lawmakers further urged the apex slope to found an accessible and businesslike complaints redress mechanics for customers affected by amerciable oregon excessive charges.

The House besides mandated the Federal Competition and Consumer Protection Commission (FCCPC) and different applicable agencies to embark connected nationwide user acquisition campaigns to enlighten Nigerians astir their rights regarding slope fees.

The Committees connected Banking Regulations and Banking Institutions were tasked with conducting a broad probe and reporting backmost wrong 4 weeks for further legislative action.

The station Reps summon CBN, Banks implicit unexplained lawsuit deductions appeared archetypal connected Vanguard News.