Due to series of complaints from several Nigerian bank users over too much charges on bank transactions, the Central Bank of Nigeria, CBN, has compelled Deposit Money Banks (DMBs) to refund N6.2 billion to customers which falls under overcharge on transactions in 2015.
This was contained in a statement by the Director, Corporate Communications, of the CBN, Ibrahim Mu’azu, on Saturday. According to the statement, the apex bank is always ready to checkmate banks and protect customers from illegal, excessive charges.
The Central Bank of Nigeria was established in 1958 and started full operations one year after. It was designed to ensure orderly commercial banking and to prevent the establishment of unfeasible banks and unnecessary defrauding of customers in the name of transaction charges. It was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN established a Consumer Protection Department in 2012.
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The statement from Ibrahim Mu’azu read:
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. The CBN has investigated over 6,000 complaints relating to unauthorized 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.
However, bank customers are advised to always forward complaints of excessive bank charges to the Director, Consumer Protection Department of the Central Bank, so that there would be a follow up on the issue of refund and subsequent monitoring on overcharging.