21 February 2016

Nigeria: Banks Return N6.2 Billion Illegal Charges to Customers

The Central Bank of Nigeria, CBN, said it compelled Deposit Money Banks (DMBs) to refund N6.2 billion to customers they over charged as cost of transactions in 2015.

This is contained in a statement made available by the Director, Corporate Communications, of the CBN, Ibrahim Mu'azu, in Abuja on Saturday.

According to the statement, the apex bank is always ready to checkmate 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", it stated.

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


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