The unchecked imposition of excessive charges by commercial banks in Nigeria has become a growing concern.

Despite the billions in profits they declare quarterly, it’s evident that many of these earnings stem from unfair practices, burdening unsuspecting customers with multiple and indiscriminate charges and deductions.

While there are approved charges such as stamp duty, SMS alert, monthly ATM Card maintenance fee, ATM replacement/renewal fee, Unstructured Supplementary Service Data (USSD) fee, etc., banks often levy multiple charges under the same heading or even without proper justification.

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This exploitation is deeply troubling, as banks, meant to profit through interest from loans, resort to unscrupulous means to accumulate additional revenue at the expense of their customers.

The lack of regulatory action from the Central Bank of Nigeria (CBN) exacerbates the issue, despite receiving numerous complaints. While the CBN boasts of reversing over N89 billion from reported cases, the absence of punitive measures against offending banks fails to deter such behaviour.

Furthermore, the practice of converting foreign currency remittances customers into Naira at unfavourable rates, instead of paying the customer the foreign currency which is his right further illustrates the predatory nature of Nigerian commercial banks. This denies customers the right to choose platforms with better exchange rates, perpetuating financial bullying and limiting their financial freedom.

It’s Imperative for the CBN, alongside other regulatory bodies and government agencies, including President Tinubu, the National Assembly, Governors Forum, and the Ministry of Finance, to practically address these exorbitant deductions and ensure fair banking practices for all Nigerians.