The Central Bank of Nigeria (CBN) and deposit money banks are reviewing concerns over excessive transaction alerts and customer charges following complaints from bank users about 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 (MPC).
Cardoso said the apex bank had established a quarterly engagement framework involving its Consumer Protection Department, deposit money banks, and the top 10 microfinance banks to address unresolved customer complaints and improve service delivery.
According to him, one of the key issues under review is the growing number of alerts and notifications sent to customers by banks.
“Banks, as a rule, send multiple advisories and alerts to their customers. Perhaps there is a way some of these can be consolidated so that customers can immediately identify the purpose of each debit, rather than receiving a whole stream of notifications that often create confusion,” he said.
The CBN governor described the initiative as a work in progress, noting that the committee was expected to develop practical solutions to simplify customer communication and enhance user experience.
He added that the CBN’s Consumer Protection Department had been spearheading discussions with financial institutions to improve complaint resolution mechanisms and overall customer satisfaction.
Addressing concerns over the N50 stamp duty deductions frequently reflected in customer alerts, Cardoso clarified that the charge is not imposed by banks.
“The stamp duty is not the outcome of the banking system by any stretch of the imagination. It isn’t,” he said.
According to him, the levy originates from tax authorities, while banks merely serve as collection channels to ensure the funds are remitted to the appropriate government agencies.
Cardoso advised customers who believe they have been wrongly charged to first lodge complaints with their banks. Where issues remain unresolved, he said, customers could escalate such cases to the CBN’s Consumer Protection Department.
He further disclosed that the apex bank had strengthened its compliance and supervisory functions to monitor market conduct and customer-related risks across the banking sector.
The CBN, he said, is also reviewing how deposit money banks handle customer complaints, compensate affected customers, and manage operational risks linked to service delivery.
“We want to ensure that we continuously review the frameworks used by deposit money banks in dealing with customers,” Cardoso stated.
He added that the regulator was focusing on both compliance and customer experience to reduce recurring complaints and promote greater transparency within the banking system.
The development comes weeks after the CBN unveiled a draft of its revised Guide to Charges by Banks and Other Financial Institutions, 2026, which proposes caps on certain fees and stricter disclosure requirements aimed at improving transparency and consumer protection.
In a circular dated April 21, 2026, the apex bank said the revised framework forms part of broader efforts to strengthen financial stability, deepen financial inclusion, and accelerate the adoption of digital financial services across Nigeria.
