The Central Bank of Nigeria (CBN) and deposit money banks are reviewing excessive transaction alerts and customer charges amid complaints from bank users over confusing debit notifications and deductions.
CBN Governor, Olayemi Cardoso, disclosed this on Wednesday in Abuja during a press briefing after the 305th meeting of the Monetary Policy Committee.
Cardoso said the apex bank had set up a quarterly engagement structure involving its consumer protection team, deposit money banks and the top 10 microfinance banks to address unresolved customer complaints.
Customer alerts under review
According to him, one key issue being examined is the “multiplicity” of bank alerts sent to customers.
- He said, “Banks, as a rule, send multiplicity of advisories, alerts to their customers, multiplicity.
- “And perhaps there’s a way that some of these things can be consolidated so that the customer can immediately tell what debit is for what rather than a whole slew of different advisories going out, which creates confusion for customers.”
Cardoso said the matter was still “work in progress,” adding that the committee was expected to come up with solutions.
He noted that the CBN’s consumer protection department had been leading engagements with banks to improve complaint resolution and customer experience.
Stamp duty not bank charge
Responding to concerns over the N50 stamp duty alerts received by customers, Cardoso clarified that the charge did not originate from banks.
- “The stamp duty is not the outcome of the banking system by any stretch of the imagination. It isn’t,” he said.
- He added, “This is something that emanates from the tax authorities. And all that is happening now is that the banks are used… to ensure that the money gets to the final destination.”
The CBN governor said customers who feel wrongly charged should first approach their banks, escalate where necessary, and then approach the CBN’s consumer protection department if unresolved.
Compliance framework tightened
Cardoso also said the CBN had strengthened its compliance function to monitor market conduct and conduct risk across banks.
He said the apex bank was reviewing how deposit money banks handle complaints, compensate affected customers and manage customer-related risks.
- “We want to ensure that continuously, we are making reviews of the framework that the different deposit money banks use,” he said.
He added that the CBN was looking at both “compliance and customer experience” to minimise recurring complaints in the banking system.
What you should know
Nairametrics earlier reported that the Central Bank of Nigeria (CBN) unveiled a draft of its revised ‘Guide to Charges by Banks and Other Financial Institutions, 2026,’ introducing caps on fees and stricter disclosure requirements aimed at improving transparency across the banking system.
The apex bank, in a circular dated April 21, 2026, said the revised framework is part of efforts to strengthen financial stability, deepen inclusion, and drive the adoption of digital financial services.
