CBN compels banks to refund N6.2bn excessive/illegal fees to customers

The Central Bank of Nigeria (CBN) has investigated over 6000 complaints relating to unauthorized bank charges brought to its notice, following which banks were compelled to refund over N6.2 billion to affected customers either excessively and or illegally charged.

The regulator also reminded banks of provisions in the Revised Guide to Bank Charges which clearly specifies allowable charges for all banking services. “The CBN does not in any way condone the fleecing of banking customers under any guise,” Ibrahim Mu’azu, Director, Corporate Communications CBN said in a statement.

The CBN also noted that it was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that it established its Consumer Protection Department in 2012.

“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 statement read in part.

“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 (DMB).”

The statement reminded all Bank Customers to always forward their complaints to: Director, Consumer Protection Department; email: [email protected].

 

Onyinye Nwachukwu