CBN orders banks to return illegal charges to customers

CBN orders banks to return illegal charges to customers

- CBN kicks against the fleecing of banking customers by deposit banks

- Urges bank customers to forward complaints of excessive bank charges 

The Central Bank of Nigeria (CBN) said it mandated deposit money banks (DMBs) to refund N6.2 billion to customers they over charged as cost of transactions in 2015.

According to the News Agency of Nigeria (NAN) the directive by the apex bank was contained in a statement made available by the director, corporate communications, of the CBN Ibrahim Mu’azu, in Abuja on Saturday, February 20.

READ ALSO: FG denies padding 2016 budget

Therein the statement, CNB stated that banks were allowed to make charges for banking services but kicked against the fleecing of banking customers under any guise.

It noted that the reason for the establishment of a consumer protection department by the CBN in 2012 was to to provide a strong voice to banks’ customers and moderate the arbitrary charges.

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”, the apex bank stated.

READ ALSO: Why FG can’t recover funds looted by ex-government officials

The CBN also urged bank customers to forward complaints of excessive bank charges to its consumer protection department.

Customers of banks in Nigeria have in recent times complained about several charges associated with banking activities.

The charges in no particular order are the maintenance fees which some banks are now charging monthly on current accounts, value added tax on virtually every charge against a customer, including that on SMS.

There are charges for transfers both online and over the counter, remote-on-us (charges incurred for using other banks’ ATM in withdrawing money more than three times in a month).


Online view pixel