35,453 Customer Complaints lead CBN to Recover $22m, N115bn Excessive Charges from Banks

Aug 6, 2023 | Entertainment, News


  • Financial relief has come for customers as the CBN announces the retrieval of a significant amount of money from banks
  • The money taken by the CBN came from an assortment of charges imposed on customers by the banks
  • The apex bank also warned that any further implementation of excess charges by banks could lead to severe sanctions

The Central Bank of Nigeria (CBN) has announced its successful retrieval of $22.8 million and N115.5 billion, resulting from various fees and charges levied on customers by Nigerian banks over 11 years.

During the 2023 CBN Fair held in Ado-Ekiti, the Ekiti State capital, Dr Isa Abdulmumin, the director of Corporate Communications, revealed the information.

The event’s theme was ‘Promoting Alternative Payment Channels as Tools for Financial Inclusion.’

In a related move, the CBN had earlier suspended charges for Nigerians making cash deposits and electronic deposits of the naira to the tune of N150,000.

Excess charges, CBN, banks
The funds were reclaimed from the banks following numerous customer complaints regarding excessive charges deducted from their bank accounts.
Photo Credit – InfoGuide Nigeria, InvestSmall, TVC News
Source: UGC

Reclaiming excess charges from banks

According to The Nation, Abdulmumin said the funds were reclaimed from the banks following numerous customer complaints regarding excessive charges deducted from their bank accounts.

He further mentioned that from 2012 to 2023, the Consumer Protection Department of the bank handled a total of 35,453 customer complaints, out of which 33,437 were successfully resolved.

It would be recalled that a Legit.ng investigation showed that 10 Nigerian commercial banks amassed approximately N48.5 billion in the first half of the year solely from maintaining customers’ accounts.

Mr Esu Imo, acting on behalf of the Corporate Communications director, emphasised the unwavering commitment of the CBN to preventing customers from being burdened with excessive charges.

He stated that a bank’s primary mission should be to serve its customers without taking undue advantage.

The initiative to recover funds was driven by the goal of bolstering consumer confidence in financial services while fostering economic stability and growth.

CBN threatens to sanction banks for excess charges

Abdulmumin also warned financial institutions about the consequences of violating the consumers’ protection legal framework, which mandates fair treatment of customers. Any breach in this regard could lead to severe sanctions.

He further reaffirmed the bank’s dedication to fulfilling its core mandates, focusing on achieving monetary and price stability, which the apex bank aims to accomplish by implementing proactive and innovative policies and programs designed to stabilise the economy.

List of the approved electronic bank charges in Nigeria

Meanwhile, Legit.ng earlier reported that the Central Bank of Nigeria released guidelines for electronic charges.

The apex bank noted that unless it decides to make changes to reflect the new cash withdrawal policy, banks can only effect charges based on the listed services.

The services that can be charged include; Electronic funds transfer, Card maintenance fee for Naira debit/credit cards, Naira debit /card charges and Intra-Scheme money transfer.

Others are Status Enquiry at the Request of Customers, The fee for Short Message Service (SMS), Special Request for Statement of a Bill of account and USSD transactions.

Source: Legit.ng





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