*The Bank Customers Association of Nigeria discloses it has petitioned the Central Bank of Nigeria over the country鈥檚 commercial banks’ increasing excess charges and illegal debits from customers’ accounts

Isola Moses | 绿帽献妻

In a move to protect consumers of financial products and services, the Bank Customers Association of Nigeria (BCAN) discloses it has petitioned the Central Bank of Nigeria (CBN) over the Deposit Money Banks’ (DMBs) excess charges and illegal debits in the financial space.

绿帽献妻 reports BCAN revealed it recently wrote to the CBN against the backdrop of increasing complaints about illegal deductions from bank customers鈥� accounts in the West African country.

Uju Ogubunka, President of BCAN, disclosed this development Thursday, June 19, 2025, while speaking at the 2025 Artificial Intelligence Conference with the theme, “Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience”.

Dr. Olayemi Cardoso, Governor of CBN

It is noted that petition has become necessary in view of the recent migration to the end-user billing model for the Unstructured Supplementary Service Data (USSD) from the previous model of deducting transaction charges from bank customers’ account balances.

BCAN, however, has criticised the move, describing it as falling outside the scope of bank charges the CBN originally approved for the DMBs in country’s the financial system.

In his contribution at the event, Ogubunka further remarked: 鈥淥n the basis of excess charges, we have written to the Central Bank of Nigeria to find a permanent solution to it.

“And if they don鈥檛, perhaps bank customers may have to come out to demand it. Let鈥檚 pray that they do that.鈥�

It should be noted that the CBN, the country’s banking sector, has shown commitment to addressing bank customers’ complaints over the years.

The Bank, in 2021, and following rising complaints from customers of commercial banks in Nigeria over incidence of multiple and indiscriminate charges and debits on their accounts, has pledged to ensure that affected customers get redress on their complaints in the banking and finance space.

The Bank equally stated: 鈥淐ustomers should report to the CBN. We have channels; we have e-mail addresses where they can reach us. That鈥檚 what they should do.鈥�

BCAN: Customer satisfaction a rarity in Nigerian banking system

Ogubunka also lamented the less-than-desirable experience of bank customers in Nigeria in recent tines.

According to him, AI is in a good position to resolve some of these customers’ pain points.

The President of BCAN stated: 鈥淭he truth is that when you talk of customer satisfaction in today鈥檚 Nigerian banking system, it doesn鈥檛 exist.

“That鈥檚 the truth. I鈥檝e given you samples of where you can go, and you will find petitions, live petitions, and more going on at Bankers鈥� House, CBN, NDIC, mediation centres, and the law courts, and you will find all these things there.”

Justifying his claims, Ogubunka further argued: “If people were really satisfied, they wouldn鈥檛 be complaining; they wouldn鈥檛 be petitioning.

“So, we cannot really say that AI has come to dwell with us.

鈥淚f AI has come to dwell with us, most of the issues being complained about would be taken care of by AI. That鈥檚 the truth.鈥�

Benefits of AI in financial sector, by expert

In his keynote speaker at the AI Conference, Johnson Chukwu, highlighted some of the ways that AI could benefit the financial sector of the Nigerian economy.

In line with President Bola Ahmed Tinubu administration’s initiative on ‘Consumer Credit’ for Nigerians, Chukwu said: 鈥淭oday, consumer credit is everywhere in this country because the machines are able to determine your income level and what you spend on.

“If you know the information available to the Telco companies, they know who you make payment to and where you went to smoke.”

The expert also said: “Once you make a payment, they track it, so they know your consumption pattern.

“They know how much comes to your account, so they can actually say, I can give Johnson a N50,000 loan.

“The loan is automated; you apply and get it in minutes.鈥�

In regard to measures yo boost customer experience, especially in the financial sector, Chukwu emphasised that the use of Artificial Intelligence has led to 鈥渆nhanced personalisation”.

The keynote speaker at the event stated: “One million customers, and each of them treated as an individual. You鈥檙e not a part of the crowd.

“The system knows you as an individual, knows your face, knows your eyes, knows your fingerprint, and knows where you鈥檙e coming from.

“In that case, it also narrows your demand to what fits your purpose.鈥�

Stressing that it would also lead to faster complaint resolution, he explained聽 this is 鈥渂ecause the machine has so much data, when you make your complaint, it will be able to know what is best to do to address your complaint.”

7 Cs of successful AI implementation

Highlighting these the core factors for implementing AI, Chukwu said any companies that fail to adopt AI “will not only be uncompetitive but will also become obsolete in the near future.

He stated: 鈥淭here are seven C鈥檚 to implementing AI. Capacity: you must have the capacity, you must have the capability, you must collaborate, you must have creativity, and you must have cognition, continuity, and control.

鈥淥n that note, I feel Artificial Intelligence will define the future of human engagement, interaction, and experience.”

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