The Nigerian Senate have passed a bill to sanction erring banks on multiple charges. The Senate who have in the past passed bills to checkmate banks irregular activities, are yet again passing another bill to monitor, and investigate arbitrary bank charges.
In a statement released by the Senate President, Senator Bukola Saraki, the Senate will among other things:
Passed a Motion at the Senate on the need to investigate, regularize and amend arbitrary bank charges and illegal deductions by commercial banks.
We resolved to urge the Federal Government to:
1. Protect customers rights;
2. Eradicate the short payment of interest rates; and
3. End the culture of excess and arbitrary bank charges.
We have also directed our Committee on Banking and Finance to conduct a public hearing on the issue of exorbitant bank charges. This Public Hearing will be attended by 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 our laws to end the practice of vague, unjust and arbitrary bank charges.