Members of the House of Representatives, on Wednesday, expressed support for a bill seeking to compel all Money Deposit Banks operating in Nigeria to disclose all charges and fees accruing to any transaction being carried out.
The lawmakers expressed the support during the debate on the private bill which seeks to amend the Banks and Others Financial Institution Act, Cap. B3, Laws of the Federation of Nigeria, 2004 to mandate Banks and Other Financial Institutions in Nigeria to state in writing, all charges and fees accruing to any transaction in the Bank and for Related Matters.
The proposed bill was sponsored by Hon. Aliyu Bappa Misau.
In his lead debate, Hon. Misau stated that the bill seeks to amend the Principal Act to mandate Financial Institutions to state in writing all accrued charges and fees for financial transactions of their customers as Nigerians need to make informed decisions on transactions to be taken.
He noted how Banks’ Customers keep complaining of unwarranted monthly charges that they have not subscribed to.
Following the overwhelming support enjoyed by the proponent of the bill, it was referred to the House Committee on Banking, other Auxiliary Institutions and Regulatory Banking for further legislative action.
