Deposit Money Banks (DMBs) were compelled to refund N6.2 billion to their customers by the Central Bank of Nigeria (CBN), being illegally deducted charges. The apex bank disclosed this in a released by its Director of Corporate Communications, Ibrahim Mu’azu.
CBN said the move is in line with its readiness to checkmate banks and protect customers from illegal, excessive charges.
It stated: “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.
It was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012 established a Consumer Protection Department.
“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 CBN enjoined bank customers to forward complaints of excessive bank charges to the Director of its Consumer Protection Department.
