In what has become an all-too-common complaint among Nigerian bank users, social media was set ablaze when a frustrated customer cried out over unexplained debits from his Zenith Bank account.
“Zenith Bank, please pity me nauuuu” quickly spiraled into a heated discussion, as many others joined in to share their experiences of alleged excessive charges, unexplained deductions, and what they believe to be outright extortion.
For one user, it wasn’t just a one-time incident. He shared a breakdown of how his account had been drained monthly through deductions he could barely explain.
The revelation sparked outrage, with many questioning how banks like Zenith consistently report trillions of naira in profit while their customers bleed money through hidden charges.
Some, disillusioned by the state of banking in Nigeria, expressed complete resignation. One frustrated user admitted he had given up not just on the banking system but on the entire country.
The sentiment resonated with many who feel trapped in an economy where financial institutions operate with little accountability.
The backlash wasn’t just directed at Zenith Bank alone—other banks, including GTBank, were called out for what many described as “broad daylight robbery.” I was also charged 500 Naira on my GTbank two days ago.
Customers wondered how banks could legally impose excessive charges and still make record breaking profits, with some joking that their account maintenance fees alone could fund a small business.
A particularly shocking case was that of a customer who was charged a staggering ₦78,000 for account maintenance. The sheer audacity of the charge left many speechless, with some vowing never to use Zenith Bank again.
Banks or Corporate Extortionists?
The frustration isn’t new. Year after year, Nigerian banks announce jaw-dropping profits, yet their customers continue to suffer from high transaction costs, arbitrary charges, and poor service delivery.
Many feel helpless, as regulatory bodies like the Central Bank of Nigeria (CBN) rarely seem to intervene meaningfully.
With digital banking becoming the norm, complaints about deductions have only increased.
From stamp duty fees to inexplicable SMS charges, card maintenance fees, and VAT deductions, many customers feel that their hard-earned money is being siphoned off without proper justification.
What Can Customers Do?
While social media outrage shines a light on the problem, real solutions are scarce. Some customers suggest switching to fintech platforms that offer transparent banking services with fewer charges.
Others advocate for stronger regulatory oversight to curb excesses by traditional banks.
But for now, Nigerian bank users continue to endure what many see as an unfair financial system where their money never truly feels like their own.
Have you ever experienced unexplained bank charges? Share your thoughts in the comments!
