Nigerian Bank Customers Cry Out Over Excessive Deductions, Call for Stronger Protection

A growing number of Nigerian bank customers have raised the alarm over what they describe as frequent and excessive deductions from their accounts, urging the Bank Customers Association of Nigeria (BCAN) to step in and defend their rights.

Several customers, who spoke with the News Agency of Nigeria (NAN) in Abuja, expressed frustration with recurring charges, which they said were discouraging and often unnecessary.

Mrs. Helen Agodo, a First HoldCo Plc account holder, said she was overwhelmed by daily deductions from her account.

“In one day, I calculated the debit alert charges and it summed up to about N1,000. Imagine what that means if 1,000 or 2,000 customers face the same deductions daily. I understand why some people decide not to keep their money in banks,” she lamented.

Another customer, Cheta Ugochukwu of Guaranty Trust Bank Plc, described the practice as unfair, saying it contradicted the Central Bank of Nigeria’s cashless policy.

“My bank charged me about N1,146 for SMS alerts in a single month. This is unacceptable in the current economy.

I even got charged N100 for an electronic money transfer levy, even though regulations say N50. This is not a sincere business model,” she said, adding that she had considered deactivating SMS alerts altogether.

For Mr. Usman Idris, a Fidelity Bank Plc customer, the experience was no less frustrating. He said more than N3,700 was deducted from his current account as maintenance charges.

“When I asked for clarification at the bank, they told me to write officially. Yet when they deducted the money, no one sought my consent. It is unfair,” he complained.

While banks often insist that charges are in line with the Central Bank of Nigeria’s guidelines, many customers believe the deductions are excessive and poorly communicated.

BCAN, led by its president, Uju Ogubunka, confirmed it had written to the CBN regarding customers’ complaints.

The association, which serves as a watchdog for bank users, is tasked with promoting fair banking practices and safeguarding the interests of individuals and businesses who operate accounts in Nigeria.

With rising inflation and economic hardship already squeezing households, customers say additional unexplained deductions make banking increasingly unattractive, and they are calling on BCAN and regulators to intervene quickly.