Lawmakers to tackle issues of illegal charges by commercial banks

Lawmakers have moved to tackle the excess and illegal bank charges on customers’ accounts.

They have also called for the immediate suspension of the Central Bank of Nigeria’s directive on addition of social media handles to Bank accounts.

The outbursts of some Nigerians regarding illegal and excessive charges.

To increase their income, financial institutions otherwise called Money Deposit Banks introduced different deductions on depositors’ accounts.

This has invariably resulted in many customers protesting, yet they are rarely attended to.

Now, the House says it is time to heed the cries of the people as it seeks ways of ending the problem.

The House through a motion from Godwin Offiono, says the wrongful application of maintenance fees and bank induced transactions, are suffocating bank customers.

In a related legislative action, the House urged the Central Bank of Nigeria to suspend its directive to Commercial Banks to add social media handles in their bid to better know their Customers

The motion was sponsored by Minority Leader, Kingsley Chinda and 8 other members.

The House committee on banking and currency when constituted is mandated to take up the assignment while the committee on compliance ensures the two motions are compiled with by appropriate authorities.