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From Ndubuisi Orji, Abuja
The House of Representatives has mandated its Committee on Banking Regulations to summon the Central Bank of Nigeria (CBN) and commercial banks over arbitrary deductions from the accounts of customers.
The House, which also resolved to investigate unjustified deductions from the bank accounts of customers, also mandated the Committee to monitor compliance with extant banking regulations.
The Green chamber also implored the CBN to “immediately publish a simplified and comprehensive list of all approved bank charges to enhance transparency and consumer awareness.”
Furthermore, it charged the apex bank to “establish an accessible and efficient redress mechanism for customers to lodge complaints and seek timely resolution of issues relating to arbitrary charges.”
Similarly, the House urged the Federal Competition and Consumer Protection Commission and other relevant agencies to commence “ a nationwide awareness campaign to educate customers on their rights and the proper channels for redress.”
This followed the adoption of a motion by Tolani Shagaya, calling on the parliament to address” growing concerns over incessant and unjustified deductions from customers’ accounts.”
Shagaya, while leading debate on the motion titled “Need to curb arbitrary bank charges and protect Nigerian customers,” informed the House about incessant deductions from the accounts of customers under different guise.
According to him “These incessant charges have become not only a source of frustration but also a barrier to financial inclusion.
“When citizens lose confidence in the banking system, it defeats the government’s efforts to build a robust digital and cashless economy.”
