Illegal Charges In Nigerian Banks

In 2016, Nigerians protested high bank charges and now in 2018 they continue to cry over unauthorized deductions banks make from their accounts.

Banks are meant to keep money safe but lately there have been doubts whether these financial institutions can actually keep customers’ monies safe.

Nigerians point of view to unfair bank charges

Nigerians say they do not know what the CBN (Central Bank of Nigeria) is doing about this whole thing. Banks just decide to deduct customers’ monies without any reasons. They mention charges like card maintenance charge, this charge and that charge. No one to question them why they are doing this.

CBN to claim back bank charges

As part of its effort to protect customers against undue exploitation and claim back bank charges, the Central Bank of Nigeria established a consumer protection department in 2012 and the first half of 2016, the apex bank received 1,473 complaints from customers.

Former deputy governor of the CBN says the apex bank is living up to its responsibility to the public.

Financial expert, Taiwo Ayodeji says commercial banks are not deducting illegal fees from customers rather most of it charges are in the banks terms and conditions, which most customers do not go through.

So far, the CBN says it has received and investigated more than 6,000 complaints arising from monetary issues but that most of these complaints have been mainly about excessive and illegal fees, deposit money bank charged to customers’ accounts.

For Rebecca, her recent transaction with a bank through an inter and intro bank online transfers did not go well at all after having much more money deducted from her account than required.

Between 2015 and 2017, the Central Bank of Nigeria recovered more than N50 billion as excessive charges on bank customers. In 2015 alone, N6.2 billion was refunded and in 2016 N4.6 billion was returned to affected customers.

The Forex accountants say the apex bank is not telling the whole truth about the recovered N50 billion.

While the apex bank has put in place a department to tackle bank customers’ complaints, Nigerians are advised to be vigilant by monitoring their accounts be fully aware of all transaction they enter into with their banks and go through banks terms and conditions.

Winifred Adewole reporting from TVC News.