Nine major Nigerian banks earned a staggering N14.72 trillion in the first nine months of 2025.
This represents a 27.68 percent rise from N11.53 trillion in the same period last year, driven by soaring interest rates.
But while banks celebrate record profits, many Nigerians are groaning under relentless charges that drain their accounts daily.
From “maintenance fees” on dormant cards to repeated SMS alert deductions, customers say the charges are suffocating.
Only Sterling Bank has scrapped transfer charges, joining fintech firm PalmPay in offering free transactions.
For most Nigerians, however, the high cost of banking has deepened financial hardship amid rising inflation and unemployment.
The frustration is widespread.
The Federal Competition and Consumer Protection Commission confirmed over 3,100 banking complaints between March and August 2025.
It recovered more than N10 billion for consumers affected by unfair deductions and failed transactions.
Banks and fintechs topped the list of offenders, according to the commission’s sectoral report.
Issues ranged from hidden fees to unauthorized debits, deceptive marketing, and unresolved service failures.
Lawmakers have now stepped in.
On October 14, the House of Representatives condemned the “arbitrary and excessive” bank charges hitting customers’ wallets.
The motion, sponsored by lawmaker Tolani Shagaya, called on the Central Bank of Nigeria to publish a clear list of approved charges.
The House also urged the CBN to sanction erring banks and create an easy complaint system for aggrieved customers.
A special committee will meet with CBN officials and top banks to address what it called “incessant and unjustified deductions.”
Meanwhile, the banks continue to post huge profits.
Access Holdings led the pack with N2.9 trillion in interest income, followed by Zenith Bank with N2.74 trillion.
Ecobank earned N2.33 trillion, while First HoldCo posted N2.29 trillion.
Smaller banks like Wema and Sterling also saw sharp growth, buoyed by high lending rates.
However, the Central Bank’s September rate cut to 27 percent could threaten these gains.
Global ratings agency Moody’s warned that lower interest rates might shrink bank margins if lending volumes do not rise.
Despite these risks, the gap between bank profits and public misery remains glaring. With 139 million Nigerians living below the poverty line, many are asking: who really benefits from Nigeria’s booming banks?
Analysts say it is time for the CBN, FCCPC, and lawmakers to act.
They warn that unchecked charges and weak regulation are eroding public trust and stalling financial inclusion.
Until real reforms are implemented, Nigerians will continue to count their losses—while banks count their trillions.
