Nigeria’s House of Representatives has invited the Central Bank of Nigeria to explain why everyday customers keep paying more in fees, transfer charges, SMS alerts, card maintenance, stamp duty, and “nuisance” deductions that quietly add up.

The session could trigger a long-overdue clean-up: clearer caps, stricter enforcement, and simpler disclosures at account opening so customers know exactly what they’ll pay.

Here’s what might change. First, the CBN’s Guide to Bank Charges could be refreshed and enforced with sharper penalties for non-compliance. Expect tighter definitions regarding when SMS fees apply, what counts as maintenance, and which charges must be optional with a free digital alternative.

Second, banks may be nudged to default customers to email/app notifications instead of paid SMS, cutting monthly drips for students and low-income users. Third, dispute resolution could get timelines: if a fee is wrongly applied, banks refund quickly or face sanctions.

For banks, lower fee flexibility would trim non-interest income and push stronger competition on quality: 24/7 digital uptime, faster transfers, fairer card terms, and better customer support.

For consumers, the playbook right now is simple: download your bank’s tariff guide, check monthly statements, and escalate suspicious charges through official channels (and then to CBN Consumer Protection if unresolved).

If the hearing leads to firm rules and visible enforcement, Nigerians could see fewer surprise deductions and more predictable banking costs, without stopping banks from charging for genuine services.