By Gloria Ikibah
The House of Representatives has invited the Central Bank of Nigeria and major commercial banks operating in Nigeria over the growing concerns of arbitrary and incessant bank charges.
The House also directed the CBN to publish a comprehensive and simplified list of approved bank charges and ensure proper enforcement of penalties against banks found to be in violation. 
The House further urged the CBN to establish an accessible and efficient complaints redress mechanism for customers affected by illegal or excessive charges.
These resolutions was sequel to the adoption of a motion of urgent public importance on the urgent need to investigate Nigerian banks over incessant and arbitrary charges, by Rep. Muktar Shagaya, on Tuesday at plenary.
Reps. Shagaya noted that there have been growing complaints from Nigerian bank customers over incessant, arbitrary, and unexplained charges being deducted from their bank accounts by commercial banks operating in Nigeria.
He said that while banks are expected to provide financial services at fair costs, many Nigerian customers have repeatedly experienced multiple charges such as SMS alerts, card maintenance fees, account maintenance charges, interbank transfer fees, stamp duties, and unexplained debts, some of which are either duplicated or unaccounted for.
According to him, these charges persist despite the Central Bank of Nigeria issuing guidelines to regulate bank tariffs, most of which are being flouted with impunity by the banks.
“The House is worried that these exploitative practises disproportionately affect businesses, low-income earners, small businesses, students, and vulnerable groups who struggle to keep their finances in check amid the harsh economic realities in the country.
“The House is concerned that if this trend is not urgently investigated and addressed, it will continue to erode public trust in the banking system, increase financial exclusion, and undermine the CBN’s financial inclusion objectives.
“The House is cognisant that the National Assembly has a constitutional and regulatory responsibility to protect the rights and interests of Nigerian citizens against exploitative financial practises”, the motion read.
The House unanimously adopted the motion through a voice vote and urged the Federal Competition and Consumer Protection Commission and other relevant stakeholders to launch nationwide awareness campaigns to educate customers on their rights regarding bank charges.
The House also mandated the Committee on Banking Regulations to investigate and report back to the House within four weeks for further legislative action.
