Nigerian comedian and filmmaker Ayo “AY” Makun has raised alarm over the escalating service charges by commercial banks in the country, questioning the legitimacy of the hefty fees amid the nation’s struggling economy.
In a post on X, AY challenged the banks’ ability to report massive profits while Nigerians are grappling with economic hardship. He highlighted that some of the charges are peculiar to Nigeria and called for more transparency in banking practices.
“Where do banks get the trillions they declare as profits every quarter, even in a struggling economy?” he wrote. “The small charges and debits on our accounts need to be challenged. Many of these fees are unique to Nigeria. Why is that? #BankingFees #Nigeria #Transparency #Shalom.”
Nigerians Join the Conversation: A Call for Transparency
The comedian’s remarks sparked a wave of online reactions. User Klean Smith also took to X to vent about excessive charges, revealing that he was debited N720 for SMS notifications, N350 for an electronic money levy, and ₦53.45 for quarterly ATM card maintenance. He further criticized the bank for additional charges on USSD transactions and transfers, calling the practices “criminal.”
“My brother, just yesterday, a bank debited me N720 for SMS, N350 for electronic money levy, and ₦53.45 for quarterly ATM card maintenance. To make matters worse, every transfer I make, I get charged N6.69 for USSD codes and N26.50 for transfer fees,” he wrote.
Meanwhile, OjukwuWils, another user, questioned the timing of AY’s concerns, suggesting that his frustration might stem from the banks’ hefty profits rather than the charges themselves. “Are you just angry that they declared trillions in profit, or are you genuinely concerned about the charges?” he asked, pointing to AY’s luxury ventures such as selling VVIP tables for N20 million. “Are you genuinely concerned, or just envious?”
Adding to the conversation, user Rachael Ugboma shared her frustration with USSD transactions, noting that customers are charged for each attempt, even if the transaction fails. “It’s worse when you try to use USSD; every attempt you’re being charged until the transaction succeeds. If you have three failed attempts, you’ll be charged three times,” she lamented.
As more Nigerians speak out about the growing dissatisfaction with bank charges, the debate continues to stir questions about fairness, transparency, and accountability in the nation’s banking sector.
