Renowned comedian and filmmaker Ayo Makun, popularly known as AY, has raised alarm over the steep service fees levied by Nigerian commercial banks, questioning how they amass staggering profits amid a faltering economy. Taking to his X page, AY called for greater scrutiny of these charges, noting that some appear exclusive to Nigeria and lack justification. He emphasized the need for clearer, fairer banking practices.
In his post, AY wrote: “Where do banks get the trillions they declare as profits every quarter, even in a struggling economy? 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.” His sentiments resonate with a growing chorus of Nigerians frustrated by what they perceive as exorbitant and opaque bank charges.
Fellow X user Klean Smith echoed AY’s grievances, detailing his own experience: “Just yesterday, a bank debited me ₦720 for SMS, ₦350 for electronic money levy, and ₦53.45 for quarterly ATM card maintenance. Worse still, every transfer costs me ₦6.69 for USSD and ₦26.50 in transfer fees. This is criminal.” Smith’s account underscores the cumulative burden of these deductions.
However, not all responses aligned with AY’s stance. OjukwuWils questioned the comedian’s motives, suggesting his outrage might stem from envy rather than principle. “Are you just angry that they declared trillions as profit, or are you genuinely concerned about the charges? Why NOW? You also sell VVIP tables for ₦20M, remember? Are you truly concerned, or just envious they’re outdoing you at your own game?” he wrote.
Meanwhile, Rachael Ugboma highlighted a specific pain point with USSD transactions: “The worst is when you use USSD—every attempt is charged, even if it fails. Three failed tries? That’s three charges.” Her comment sheds light on how technical glitches can compound costs for customers.
AY’s critique has sparked a broader conversation about banking transparency, reflecting widespread discontent among Nigerians grappling with these fees.
