Charges & Deductions: N89bn Refunded To 23,500 Bank Customers – CBN

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The Central Bank

The Central Bank of Nigeria (CBN) has successfully pushed different banks in Nigeria to pay out almost N89 billion to resolve a variety of complaints lodged by 23,500 customers in an effort to promote financial stability.

Mr Daramola Atanda, the Head of Customer Protection at the Central Bank of Nigeria (CBN), disclosed this in Calabar, Cross River State, during an annual fair to inform the public about the apex bank’s services and address concerns regarding banking in Nigeria.

He revealed that as of June, there had been 23,526 complaints from bank clients, with 22,173 of them addressed.

The concerns centred on erroneous deductions, odd charges, and other issues, with the CBN stating that it needed to investigate to find out the truth.

I can confirm that over N89bn has so far been paid to 23,500 bank customers in the last few years in respect of their complaints on charges and deductions.

“We do ensure that gullible customers are not unduly deprived of their rights.

“We encourage customers to seek to know how their monies are being banked and complain, if they have a need to,” said Mr Atanda.

Mr. Osita Nwanisobi, the acting Director of Communication at the CBN, revealed that they had also established a unit called the Banking Supervision Unit, whose mission is to monitor and examine the activities of banks to see if they are in compliance with set regulations.

According to him, the fair was important to raise awareness about CBN initiatives and how they affected people’s lives and companies.

“When the CBN governor assumed duty as the 11th governor of the apex bank, he made a profound statement that he wants a people-centred CBN and you cannot have that if you do not engage.

“Also, CBN has about 37 targeted interventions which includes the Targeted Credit Facility, Health Sector Intervention, Commercial Agric Credit Scheme, Nigerian Electricity Market Stabilization Fund and others,” he added.

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