The Central Bank of Nigeria (CBN) has asked banks’ customers to report cases of excessive and in some cases illegal charges by Deposit Money Banks (DMBs).
Bank Customers are urged to forward their complaints to the director, Consumer Protection Department through this email – [email protected]
This was made known by the apex bank in a statement titled: “Alleged Excess, Illegal Charges by Deposit Money Banks,” signed by its Director, Corporate Communications, Ibrahim Mu’azu, which was posted on its website at the weekend.
The CBN said it had received series of complaints from customers of Deposit Money Banks (commercial banks) alleging excessive charges from their respective banks.
The bank reiterated that the Revised Guide to Bank Charges clearly specified allowable charges for all banking services, warning that it would not in any way condone the fleecing of banking customers under any guise. The statement read:
“It was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012, established its Consumer Protection Department.
“For the avoidance of doubt, the CBN has investigated over 6000 complaints relating to unauthorized bank charges brought to its notice, following which banks have been compelled to refund the sum of over 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 deposit money bank,” it stated.
The CBN recently directed commercial banks as well as other financial institutions under its regulation, to immediately commence charging N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and the Federal Government Financial Regulations 2009.
There has been continued condemnation as there are allegations of multiple charges by the banks. The fee, was expected to be charged on all receipts given by any bank or other financial institution in acknowledgement of services rendered in respect of electronic transfer and other teller deposits from N1,000 and above.