CBN moves to stop excessive bank alerts, reviews transaction charges

The Central Bank of Nigeria is working with commercial banks to review excessive transaction alerts and multiple debit notifications that have frustrated customers. Governor Olayemi Cardoso confirmed this after the 305th Monetary Policy Committee meeting in Abuja.

Multiple alerts under review

Cardoso said the apex bank has created a quarterly framework with its consumer protection department, deposit money banks, and the top 10 microfinance banks. The goal is to resolve pending complaints and improve banking services. He described the review as a work in progress and hinted that recommendations are expected to simplify customer alerts and boost transparency.

“Banks typically send multiple alerts and notifications for customer transactions,” Cardoso said. He suggested these messages could be consolidated so customers can easily understand what each debit is for, instead of receiving many separate notifications that cause confusion.

N50 stamp duty is not a bank fee

The CBN governor also clarified that the N50 stamp duty charge on customers’ accounts is not a bank fee. He explained that the levy originates from tax authorities. Banks only collect and remit it to the appropriate government account.

Cardoso said customers who believe they have been wrongly charged should first contact their bank. If the issue is not resolved, they should escalate it to the CBN’s consumer protection department.

Stronger compliance and monitoring

Cardoso said the CBN has strengthened its compliance function to monitor market conduct and conduct risk across banks. The apex bank is 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 is looking at both compliance and customer experience to minimise recurring complaints.

New reporting rules for failed transactions

In a separate move, the CBN has directed banks and other financial institutions to start submitting monthly reports on failed electronic transactions across all digital platforms. Failed transactions must be sent to designated CBN email addresses. This reinforces the apex bank’s push to improve transparency and ensure closer monitoring of service failures.

A major highlight of the new framework is the introduction of caps on several banking charges, alongside stricter disclosure requirements.