Why Isn’t the Central Bank Protecting Savers and Fixing Failed Transfers?

I’ve had money in my savings account for months with almost no interest. Yet fintech lenders like Opay, Palmpay and FairMoney charge huge fees on loans. For example, I borrowed ₦280,000 from Okash and paid an extra ₦70,000 in interest in one month. Recently, a ₦36,000 loan jumped to about ₦39,000 in just five days, with constant calls from lenders. I also transferred ₦350,000 from my Stanbic Bank account. The money was debited but the transfer failed, forcing me to take an urgent loan. Banks should compensate customers when their network errors cause losses. The Central Bank of Nigeria must enforce fair interest rates and hold banks accountable for transaction failures. Stronger oversight is needed to protect ordinary savers.

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