Banking
Reps to Tackle Excessive Charges on Customers’ Bank Accounts
By Adedapo Adesanya
The House of Representatives has moved to probe what it described as the “arbitrary, excessive, and unexplained” charges drawn from customers’ accounts by money deposit banks operating in the country.
This followed a resolution of a motion of urgent public importance sponsored by Mr Tolani Shagaya, a lawmaker from Kwara State, at Tuesday’s plenary session presided over by the Speaker, Mr Tajudeen Abbas.
Titled, Need to curb arbitrary bank charges and protect Nigerian customers, Mr Shagaya drew the attention of his colleagues to the incessant charges levied on Nigerian bank customers despite repeated warnings by the Central Bank of Nigeria (CBN).
The House had at a plenary session in 2016 raised the alarm over alleged shady deals by some commercial banks following the consideration of a motion moved by the then-member representing Kabba/Bunu/Ijumu Federal Constituency, Kogi State, Mr Tajudeen Yusuf.
At the time, Mr Yusuf informed his colleagues how commercial banks were in the habit of abusing the N65 Automated Teller Machine (ATM) withdrawal charge per transaction, which the apex bank had stipulated should apply only after the third withdrawal from another bank’s dispensing unit.
Also, in 2023, the green chamber expressed displeasure over the “excess charges and illegal deductions” by commercial banks, following a motion sponsored by Mr Godwin Offiono.
In his motion, Mr Offiono accused commercial banks of “fleecing customers through unauthorised deductions in breach of extant financial laws.
“While banks are expected to provide financial services at fair costs, many Nigerian customers have repeatedly experienced multiple and unaccounted deductions that strain their finances.
“These arbitrary charges have persisted despite the CBN’s clear directives. They have become a major source of concern for Nigerians who are already battling economic hardship,” he stated on the floor of the chamber.
He would go on to list the unjustified charges to include excessive SMS alert fees, card maintenance charges, account maintenance deductions, and interbank transfer costs, among others.
Speaking on the motion on Tuesday, Mr Shagaya noted that if the practices continue, “Public trust in banks will be eroded while savings will be discouraged, thus undermining the CBN’s financial inclusion campaign.”
“These incessant charges have become not only a source of frustration but also a barrier to financial inclusion.
“When citizens lose confidence in the banking system, it defeats the government’s efforts to build a robust digital and cashless economy.”
Following the adoption of the motion, the House urged the CBN to “immediately publish a simplified and comprehensive list of all approved bank charges to enhance transparency and consumer awareness.”
It also charged the apex bank to be tough on compliance and enforce sanctions when its directives are breached by commercial banks.
Furthermore, the House mandated the CBN to “establish an accessible and efficient redress mechanism for customers to lodge complaints and seek timely resolution of issues relating to arbitrary charges.”
Also at the session, the lawmakers urged the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to commence “a nationwide awareness campaign to educate customers on their rights and the proper channels for redress”.
Meanwhile, the House has mandated its Committee on Banking Regulations to summon representatives of the CBN and major commercial banks to appear before it to “address the growing concerns over incessant and unjustified deductions from customers’ accounts”.
The committee is expected to monitor compliance with existing banking guidelines and recommend appropriate legislative or regulatory actions to strengthen consumer protection.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has clarified that both the standard N100 banknote and the commemorative N100 banknote remain valid legal tender across the country, urging members of the public and businesses to accept both notes for all transactions amid reports that the standard version is being rejected in some quarters.
In a release signed by its Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, “the CBN reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide. The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
The apex bank warned that rejecting the standard N100 banknote violates the provisions of the CBN Act and undermines public confidence in the national currency.
According to the bank, individuals, businesses, financial institutions, and other economic agents who reject the note could face appropriate enforcement measures.
The CBN reiterated its commitment to safeguarding the integrity of the naira, ensuring confidence in all duly issued banknotes, and promoting seamless currency circulation throughout the economy.
The central bank also advised members of the public to accept all banknotes legally issued by the bank and encouraged anyone seeking clarification to use its official communication channels.
First introduced on December 1, 1999, the N100 note which features the portrait of Chief Obafemi Awolowo on the front and Zuma Rock on the reverse, was last updated in 2014, when the CBN issued a commemorative version to mark Nigeria’s centenary, introducing enhanced security features such as a Quick Response (QR) code, window micro-optics, improved tactile markings for the visually impaired, and stronger anti-counterfeiting elements.
Unlike the N200, N500 and N1,000 notes, which were redesigned in 2022 under former CBN Governor Godwin Emefiele, the N100 note has remained unchanged since the centenary update, with both the standard and commemorative versions continuing to circulate.
