Why Nigerian Bank Customers are at War with Their Banks Over “Incessant” Charges

Nigerian bank customers are once again voicing their frustration over a wave of seemingly endless and unjustified charges, with many appealing to the Bank Customers’ Association of Nigeria (BCAN) for help. Customers who spoke to the News Agency of Nigeria (NAN) lamented that their bank balances are being eroded by what they describe as “unbearable” debits, urging the association to step in and protect their rights.

The complaints are not limited to one type of transaction. Customers are reporting a variety of deductions, including charges for electronic transfers, account maintenance fees, and even what they consider to be excessive charges for SMS alerts. A customer with First HoldCo Plc, Mrs. Helen Agodo, expressed her dismay over daily debits, stating that she once calculated receiving up to N1,000 in a single day just for debit alerts. Another customer, Cheta Ugochukwu, noted that she was charged N1,146 for SMS alerts in one month, a fee she feels is far too high.

The ongoing issue has led to a growing distrust in the traditional banking system. Some customers are now questioning the value of keeping their money in banks, with a number of them migrating to financial technology (FinTech) platforms, which they believe offer more affordable and transparent services.

While a bank official who preferred to remain anonymous stated that their charges are in line with the Central Bank of Nigeria (CBN)’s guidelines, customers argue that banks are often not transparent about how these charges are calculated. The president of BCAN, Uju Ogubunka, has previously confirmed that the association has written to the CBN to address the issue, indicating that this is a persistent problem that requires urgent regulatory action to restore customer confidence in the financial sector.