Nigeria: CBN refunds N13 billion to customers hit by "excessive charges" from banks

May 07, 2014

The Central Bank of Nigeria (CBN) has refunded N13 billion (€59 million) to bank customers that had suffered excess charges by their financial institutions.

The Central Bank of Nigeria (CBN) has refunded N13 billion (€59 million) to bank customers that had suffered excess charges by their financial institutions.

CBN stated that the refund
was
part of its responsibility as a regulatory body mandated to protect consumers of financial services in the country, This Day reports.

A representative of CBN,
Director of Consumer Protection, Hajiya Khadija Kasim said
virtually all the banks in the country were involved in overcharging customers.

She added that there are help desks in all financial institutions in the country charged with the responsibility of providing assistance and solutions to customers' complaints, and that anytime a consumer is not satisfied with the response of their banks, they could refer such complaints to the CBN.

"Any bank found culpable of illegal deduction will be punished," she said.

The CBN said in December last year that it had refunded N10 billion to commercial bank customers between 2012 and September 2013.

Assistant Director at the Consumer Protection Department of the CBN, Ibrahim Hassan told Vanguard that the sanctions should help raise confidence and trust in the financial system. "We want to ensure that more Nigerians participate in financial inclusion so that they can benefit from it", he said.ADNFCR-2976-ID-801718112-ADNFCR