OrderPaperToday – The House of Representatives has mandated its Committee on Banking and Currency to probe the alleged excessive charges on bank transactions by Deposit Money Banks in Nigeria.

The resolution followed the adoption of a motion at Wednesday’s plenary on the ‘Need to Investigate the alleged Imposition of Excessive charges on Bank Transactions on Deposit Money Banks in Nigeria’ raised by Sergius Ogun (PDP, Edo).

Ogun while speaking further noted that Section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly.

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He revealed that most of the Deposit Money Banks in Nigeria impose excessive and non-statutory charges on varying bank transactions carried out by customers.

According to him, in January 2020, in the bid to, among other things, stop the indiscriminate imposition of charges by Deposit Money Banks, the Central Bank of Nigeria (CBN) issued a Guide to Charges by Banks, other Financial Institutions and Non-Bank Financial Institutions, stating the approved bank charges to be imposed by Deposit Money Banks.

He expressed worries that “despite the Guide issued by the CBN, some Banks still deduct outrageous amounts of money from their customers in the guise of bank charges with different descriptions.

In most cases, the deductions are already covered by the CBN approved monthly Account Maintenance Fee (AMF), thus amounting to double deduction.”

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In his contribution while in support of the motion, Sada Soli stated that “the most worrying thing is when you go to deposit money, your are charged for going to keep your money which is the greatest role of the Banks, you are charged and again when you go to withdraw, you are charged.”

“You will not believe these ratings of charges Mr. Speaker. They charge for account maintenance fee, electronic transfer, credit cards charges, debit cards charges, issuance of statements of account charges e.t.c,” he added.¬†

The House in support of the motion, mandated the committee to report back within four weeks for further legislative action.



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