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Today, the Senate moved to investigate and amend the excess and arbitrary charges incurred by customers of banks across the nation.

Following a motion sponsored by Senator Magnus Abe, the Senate resolved to urge the Federal Government to: 1)Proactively protect customers rights; 2) Eradicate short payments of interest and; 3) End the culture of excess and arbitrary bank charges.

The Senate also directed its Committee on Banking and Finance to conduct a public hearing on the issue of exorbitant bank charges. The Senate further resolved to invited the Governor of the Central Bank of Nigeria (CBN), his officials and other stakeholders like forensic auditors and managing directors of commercial banks in order to harmonize the laws of the nation to end the practice of vague, unjust and arbitrary bank charges.

Speaking on the resolution, the President of the Senate, Dr. Abubakar Bukola Saraki, commented the motion, stating that it was coming at an important time.

“I commend this very important Motion particularly at this difficult time when every Naira is important,” the President of the Senate said, “We must be seen to defend the interest of Nigerians who don’t have the voice to defend themselves.

“Again, the issue here is to get to the bottom of what the laws and guidelines are, and we should show that they are in-line with our laws and we have the powers to make such pronouncements,” Saraki said.

Senator Isa Hamman Misau, stated that banks need to be honest with their customers and there is a need for the Senate to find out who in authority is conferred with such powers to make deductions from customers accounts without their consent.

Weighing in, Senator Dino Melaye, raised the issue of securing the consent of customers before making deductions. He highlighted that the practice or arbitrary deductions often leads to banks making significant profits at the detriment of the customers.

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