Nigerian Bank Customers Protest Unauthorised Deductions, Seek CBN Intervention

Nigerian Bank Customers Protest Unauthorised Deductions, Seek CBN Intervention.
BCAN petitions CBN, vows stronger advocacy against exploitative charges.
Banks defend deductions, citing compliance with CBN tariff guide.

Bank customers across Nigeria are voicing growing frustration over what they describe as unauthorised and excessive deductions from their accounts, urging the Bank Customers Association of Nigeria (BCAN) and the Central Bank of Nigeria (CBN) to intervene.

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EKO HOT BLOG reports that many account holders who spoke to journalists in Abuja on Sunday said the deductions have become discouraging and unbearable, especially given the country’s current economic situation.

A First HoldCo Plc customer, Mrs. Helen Agodo, said she had been battling with daily debit alerts from her bank.
“In fact, I do not blame some people who decide not to put their money in a bank. There was a day I calculated the debit alert charges I received, and it was up to ₦1,000 in one day,” she explained. “Imagine how much the bank collects if this happens to 1,000 or more customers.”

Another customer, Cheta Ugochukwu of Guaranty Trust Bank Plc, described the charges as “unfair and insincere.” She revealed that her bank deducted ₦1,146 in SMS alert charges within a month and ₦100 as an electronic money transfer levy, despite CBN regulations stipulating ₦50. “This is unfair given the economic hardship,” she said, while urging BCAN to increase customer engagement.

Similarly, a Fidelity Bank customer, Usman Idris, alleged that over ₦3,700 was deducted from his current account as maintenance fees without prior notice. “When I sought clarification, they asked me to write officially. Yet when they deducted the money, they didn’t ask for permission,” he lamented.

Defending the deductions, a bank official who preferred anonymity said the charges were in line with the CBN’s guide on bank tariffs.

Meanwhile, BCAN President, Uju Ogubunka, confirmed that the association had written to the CBN on the issue. BCAN, a non-profit body representing Nigerian bank customers, vowed to intensify its advocacy to stop exploitative charges and promote a more transparent banking system.

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