Illegal Deductions: CBN compels Banks to refund N6.2Bn to customers

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By Gbenga Ogundare

The Central Bank of Nigeria (CBN) at the weekend compelled Deposit Money Banks (DMBs) to refund over N6.2 billion they illegally charged their customers in 2015.

The CBN said the development followed findings as a result of the over 6000 complaints of unauthorized bank charges brought before it by affected customers.

The apex bank Director of Corporate Communications, Ibrahim Mu’azu, who announced the decision of the CBN noted that the Bank has received series of complaints from customers of Deposit Money Banks (DMBs) alleging excessive and in some cases, illegal charges from their respective banks.

Mu’azu further said that it was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN established its Consumer Protection Department in 2012.

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According to him; “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 bank customers under any guise.

“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).

The Apex Bank urged bank Customers to always forward their complaints to: Director, Consumer Protection Department; email: [email protected]