The Bank Customers Association of Nigeria (BCAN) has formally petitioned the Central Bank of Nigeria (CBN) over widespread complaints of excessive and unauthorized charges deducted from customers’ bank accounts, sparking fresh concerns over transparency and consumer protection in Nigeria’s financial services sector.
Speaking at the 2025 Artificial Intelligence (AI) Conference organized by SuperNews in Lagos, BCAN President, Dr. Uju Ogubunka, made the disclosure while addressing the growing dissatisfaction among bank users. Themed “Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience”, the event focused on the intersection between financial technology and user experience.
Ogubunka noted that the association had been compelled to write to the apex bank due to the rise in unexplained bank deductions, particularly after the transition to the end-user billing model for Unstructured Supplementary Service Data (USSD) services—charges BCAN insists fall outside the scope of CBN-approved fees.
“On the basis of excess charges, we have written to the Central Bank of Nigeria to find a permanent solution. If they don’t act, bank customers may be forced to publicly demand accountability,” Ogubunka warned.
BCAN’s move comes amid mounting frustrations from everyday Nigerians who report deductions from their bank accounts for services they either did not authorize or were unaware they subscribed to. Some bank customers allege being charged multiple times for SMS alerts, card maintenance, or transfer fees without clear justification.
Financial analysts and consumer rights advocates have repeatedly called on the CBN to tighten its regulatory oversight and enforce transparency in the communication of bank charges.
“There are numerous complaints in every mediation centre, law court, and even at the Bankers’ House. If Nigerian bank customers were satisfied, we wouldn’t be seeing this volume of petitions,” Ogubunka stated.
He added that despite advancements in digital banking and customer service tools, Nigeria’s banking sector has struggled to keep up with customer expectations. “If AI has truly arrived in our banking system, it should be solving these common pain points like billing errors, customer complaints, and fraud resolution,” he added.
Also speaking at the event, keynote speaker Johnson Chukwu, a financial expert and CEO of Cowry Assets Management, highlighted how Artificial Intelligence could transform banking through automation, personalization, and predictive services.
“AI makes it possible for a bank to know your spending habits, income level, and risk profile. That’s why loans are now being disbursed in under five minutes. The system knows you, understands your needs, and can respond faster than a human operator,” Chukwu said.
He identified seven pillars of effective AI deployment in finance: capacity, capability, collaboration, creativity, cognition, continuity, and control. According to him, “Organizations that fail to embrace AI risk becoming obsolete.”
However, both Ogubunka and Chukwu agreed that while AI offers powerful solutions, it must be backed by strong regulation, ethical use, and a customer-centric approach to restore trust in the financial system.
The petition from BCAN places fresh pressure on the CBN to address banking malpractices that have continued despite reforms and consumer protection guidelines. Financial industry observers say the apex bank must improve enforcement and transparency to retain public trust.
Ogubunka emphasized the urgency: “If the CBN doesn’t act fast, customers will be left with no choice but to protest—online and offline. This is about fairness and transparency in the financial system.”
In response to similar public outcries in recent months, the CBN had promised to investigate illegal bank charges and improve complaint resolution mechanisms. However, consumer protection groups argue that action has been slow and largely ineffective.
As Nigerians increasingly rely on digital financial services, the demand for accountability, fair billing, and improved customer experience continues to grow. With petitions piling up and frustration simmering among millions of bank customers, the CBN’s next steps may define its credibility and commitment to consumer rights.
Until then, the question remains: Will Nigerian banking finally become customer-friendly—or will the complaints keep stacking up?