CBN descends on banks over excessive and illegal charges, forces culprits to refund N6.2 billion

Posted by News Express | 21 February 2016 | 2,972 times

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The Central Bank of Nigeria (CBN) yesterday evening repeated its warning to banks in the country to refrain from collecting excessive and illegal charges from their customers, vowing not to spare anyone found contravening the directive.

The apex bank disclosed that it has “received series of complaints from customers of Deposit Money Banks (DMBs)” in this regard and investigated over 6,000 such complaints last year alone, compelling defaulting banks to refund the sum of over N6.2 billion to affected customers.

CBN’s Director, Corporate Communications, Ibrahim Mu’azu, said in a statement issued in Abuja: “The Revised Guide to Bank Charges clearly specifies allowable charges for all banking services and 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 its Consumer Protection Department. For the avoidance of doubt, 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 the sum of over 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 Deposit Money Bank (DMB).

“Bank Customers are reminded to always forward their complaints to: Director, Consumer Protection Department; email:”.

•Photo shows CBN Headquarters.

Source: News Express

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