CBN Orders Banks to Refund N6.2bn to Customers

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Godwin Emefiele

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The Central Bank of Nigeria is compelling banks in Nigeria to refund N6.2 billion to customers they over charged as cost of transactions in 2015

THE Central Bank of Nigeria, CBN, has compelled banks in Nigeria to refund the money the charged their customers as cost of transactions in 2015. A statement issued by Ibrahim Mu’azu, director, Corporate Communications, CBN, in Abuja, on Saturday, February 20, directed the banks to refund N6.2 billion to customers they over charged as cost of transactions.

According to the statement, CBN is always ready to check banks and protect customers from illegal, excessive charges.

“The Revised Guide to Bank Charges clearly specifies allowable charges for all banking services; the CBN does not in any way condone the fleecing of banking customers under any guise. It was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012 established a Consumer Protection Department.

“The CBN has investigated over 6,000 complaints relating to unauthorised bank charges brought to its notice, following which banks have been compelled to refund N6.2 billion to affected customers in 2015 alone.

“The CBN wishes to reiterate its resolve to continuously enforce the provision of the Revised Guide to Bank Charges and urges members of the public to report cases of infringement to enable it investigate and apply sanctions on any erring DMB,” the statement said.

The statement urged bank customers to forward complaints of excessive bank charges to the director, Consumer Protection Department of the Central Bank.

— Feb 22, 2016 @ 9:40 GMT

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