The Nigerian Senate has mandated its Committee on Banking, Insurance and Other Financial Institutions to cause an investigation into illicit and excessive bank charges by Commercial banks operating in the country.
This was even as the upper chamber urged the Central Bank of Nigeria to look into the complaints of Nigerians in this regard with a view to reviewing downward all charges on their bank accounts.
The resolutions were reached sequel to the consideration of a motion sponsored by Senator Patrick Abba Moro (PDP – Benue South).
The lawmaker in his presentation, noted the Senate became concerned following several complaints from Nigerians over illicit and excessive charges by Nigerian Commercial Banks on customers’ accounts.
According to Moro, such charges and deductions range from bank SMS charges, intra-bank transfer charges in the sum of N52.59 Kobo, ATM Card renewal charges, and account maintenance charges in the sum of N93.13 kobo.
He added that, “these charges being deducted from customers’ accounts by Banks have caused uproar within the public as Nigerians have expressed their dissatisfaction and displeasure over such excessive deductions which they feel are fraudulent and targeted at further impoverishing Nigerians.”
