The Burden of Bank Charges: A Growing Concern for Nigerians

The Burden of Bank Charges: A Growing Concern for Nigerians

The issue of excessive bank charges has been a longstanding concern for many Nigerians. Despite the Central Bank of Nigeria’s (CBN) guidelines, commercial banks have been accused of abusing charges, including Automated Teller Machine (ATM) withdrawal fees.

According to reports, commercial banks have been charging customers N65 per transaction for ATM withdrawals, even though the CBN stipulated that this fee should only apply after the third withdrawal from another bank’s ATM. This abuse has resulted in significant financial losses for customers.

In addition to ATM withdrawal charges, customers have complained about other unjustified fees, including:
Many banks charge customers for SMS alerts, which can be a significant burden, especially for low-income earners.
Some banks charge customers for maintaining their cards, which can be a recurring expense.
Banks deduct fees from customers’ accounts for maintenance, which can be a financial strain.
Transferring money between banks can attract significant fees.

The House of Representatives has expressed displeasure with the excess charges and illegal deductions by commercial banks. Lawmakers have urged the CBN to take action to protect customers from these unfair practices.The burden of bank charges is a significant concern for many Nigerians. The CBN must take concrete steps to regulate bank charges and protect customers from abuse. By doing so, the apex bank can help to promote financial inclusion and reduce the financial strain on Nigerians .