The Central Bank of Nigeria has announced that banks operating in the country have refunded approximately N7.05 billion and $714,569.03 to customers as a result of its intervention.
This information was disclosed on Tuesday in the Central Bank’s monthly bulletin, CBN UPDATE September Special Edition, published on its website.
In sharing the scorecard for Olayemi Cardoso’s first anniversary as governor of the Central Bank, it was noted that while fulfilling their other responsibilities, “Cardoso and his team have also prioritized protecting customer rights.”
It stated “In just one year, they have addressed 19,988 customer complaints within eight months. Of these, 15,306 complaints—representing 76.58 per cent—were successfully resolved.
“During this time, the bank facilitated refunds totalling approximately N7.05bn and $714,569.03 to customers in disputes with financial service providers, underscoring its commitment to fair treatment. The CBN has also rigorously enforced sanctions to ensure compliance, deter unethical behaviour, and enhance transparency within the financial sector.”
In September 2023, President Bola Tinubu approved the nomination of Olayemi Cardoso as the new Governor of the Central Bank of Nigeria for an initial five-year term, pending Senate confirmation.
Regarding Nigeria’s greylisting by the Financial Action Task Force earlier in 2023, the CBN announced that from October 2023 to September 2024, it would intensify its efforts in anti-money laundering, combating the financing of terrorism, and enhancing cybersecurity measures.
“It enhanced supervision and conducted spot checks on Nigerian banks and their foreign subsidiaries to expedite Nigeria’s removal from the Financial Action Task Force (FATF) Grey List. These efforts aim to create a more secure investment environment, attract foreign investment, and bolster Nigeria’s global financial reputation,” the bulletin highlighted.
In the first year of Cardoso’s leadership at the Central Bank of Nigeria, the bank introduced new minimum capital requirements for banks.
The minimum capital base for commercial banks with international authorization was established at N500 billion, while those with national authorization were set at N200 billion.
The new minimum capital requirement for regional banks was set at N50 billion. Over the past year, the Central Bank has also approved the license for one bank to operate as a non-operating financial holding company, while another transitioned from a merchant bank to a national commercial bank.
Furthermore, two banks received approvals in principle for regional commercial licenses, and one was granted approval for regional non-interest banking.
In the microfinance sector, 16 new banks were licensed, and 53 previously revoked microfinance bank licenses were reinstated.
The CBN also approved five new finance companies. However, efforts to curb inflation, which has been driven by excessive money supply and monetary tightening measures, have yet to produce sustained results.
Since Cardoso’s first Monetary Policy Committee meeting in February 2024, the CBN has adopted an aggressive stance to combat high inflation levels, raising the monetary policy rate consecutively.
