CBN goes tough, says banks will pay N2m fine for arbitrary charges
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CBN goes tough, says banks will pay N2m fine for arbitrary charges

- CBN has sent a warning message to banks and commercial institutions in Nigeria

- The apex bank said there would be a penalty for unapproved or arbitrary charges on customers

- According to CBN, any bank that violates its directive would pay N2 million fine

The Central Bank of Nigeria (CBN) has given a new directive to all commercial banks and other financial institutions in the country to stop unapproved or arbitrary charges on their customers or face sanction. reports that the apex bank in a statement it issued on Tuesday, December 24, said it would guard against excess, unapproved or arbitrary charges by banks and other financial institutions.

It said that the guide to bank charges stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide.

The statement also noted that guide also emphasizes that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.

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CBN goes tough, says banks will pay N2m fine for arbitrary charges

Godwin Emefiele-led CBN is working hard to stop banks from charging customers unfairly for transactions.
Source: Depositphotos

The statement read: "In order to ensure that banks actually attend to every customer’s complaints, CBN has directed banks to log every complaint received from their customers into the Consumer Complaints Management System (CCMS) in addition to generating a unique reference code for each complaint lodged, which must be given to the customer.

"CBN has also warned that failure to log and provide the code to the customer will amount to a breach and is sanctionable with a penalty of N1,000,000 per breach."

Meanwhile, previously reported that the CBN released its downward review of charges placed on Nigerians for the maintenance of Automated Teller Machines (ATM) cards and the fees for electronic financial transactions.

It was reported that by the changes made by the CBN, bank customers would henceforth pay N10 for each electronic transfer below N5,000, and N25 for electronic transfer between N5,000 and N50,000.

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The review of the fees was contained in the apex bank's latest guide to charges which also reduced the charges for withdrawals through other bank's ATMs from N65 to a maximum of N35 after the third withdrawal within the same month. ( - We have upgraded to serve you better.

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