Customers drag banks to CBN over excessive charges
The Bank Customers Association of Nigeria has submitted an official complaint to the Central Bank of Nigeria, voicing its concerns about ongoing and unauthorized deductions from customer accounts at various commercial banks.
This information was shared by BCAN President, Dr. Uju Ogubunka, during the 2025 Artificial Intelligence Conference hosted by SuperNews. The conference, titled “Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience,” brought together industry professionals to explore the effects of artificial intelligence on Nigeria’s banking sector.
Dr. Ogubunka raised concerns about charges taken under the USSD end-user billing model, which he contended exceed the regulatory boundaries established by the CBN. He characterized these deductions as excessive and increasingly burdensome for customers.
“We have officially reached out to the Central Bank, asking it to take swift action to stop these excessive charges. If this matter is not consistently resolved, bank customers might have to pursue alternative avenues for redress,” he said.
He also expressed frustration regarding the diminishing quality of customer service in the banking sector, noting an increase in complaints made to the CBN, mediation platforms, and even legal courts.
“The level of dissatisfaction we are witnessing is concerning. If customers were genuinely content, we wouldn’t be experiencing this surge in petitions,” he remarked.
Dr. Ogubunka mentioned that the Nigerian banking industry has not yet fully tapped into the potential of artificial intelligence, which he believes could help address many existing challenges in service delivery and customer interaction.
During his keynote speech, financial expert Mr. Johnson Chukwu underscored the revolutionary role AI can have in banking, especially in consumer credit assessment and handling complaints.
“Modern AI systems are capable of evaluating income trends, spending habits, and determining creditworthiness in real-time—allowing for instant loan approvals and customized services,” Chukwu elaborated.
He stressed that AI enables banks to provide individualized services to millions of clients concurrently, using data such as biometrics and transaction histories to enhance customer satisfaction.
Chukwu also outlined the “Seven Cs” essential for successful AI integration: Capacity, Capability, Collaboration, Creativity, Cognition, Continuity, and Control. He warned that financial institutions that postpone AI implementation may risk becoming irrelevant in an increasingly digital finance ecosystem.
“Artificial intelligence will transform the customer experience. Any organization that does not adjust will struggle to thrive in the future,” he cautioned.
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