Central Bank Orders Nigerian Banks to Return N6.2b Illegal Charges to Customers

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Nigeria’s apex bank has said
in a statement that it has
compelled Deposit Money
Banks (DMBs) to refund N6.2
billion to customers they over
charged as cost of
transactions in 2015
In a statement made available
by the Director, Corporate
Communications, of the
Central Bank of Nigeria (CBN),
Ibrahim Mu’azu, in Abuja on
Saturday, the nation’s apex
bank said it compelled Deposit
Money Banks (DMBs) to
refund N6.2 billion to
customers they over charged
as cost of transactions in
2015.

According to the statement,
CBN is always ready to
checkmate banks and protect
customers from illegal,
excessive charges.
“The Revised Guide to Bank
Charges clearly specifies
allowable charges for all
banking services; the CBN
does not in any way condone
the fleecing of banking
customers under any guise.

“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,”
it stated.
The statement urged bank
customers to forward
complaints of excessive bank
charges to the Director,
Consumer Protection
Department of the Central
Bank.

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