CBN recovers $22m, N115bn excessive clients charges after customers complaint

Bisola David
Bisola David
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The Central Bank of Nigeria announced that it had recovered $22.8 million and N115.5 billion for various charges that Deposit Money Banks had placed on clients during the past 11 years.

Its Director of Corporate Communications, Dr. Isa Abdulmumin, made this announcement at the 2023 CBN Fair in Ado-Ekiti, the capital of the Ekiti State, with the topic “Promoting Alternative Payment Channels as Tools for Financial Inclusion.”

According to Abdulmumin, the money was recouped from the banks in response to a number of complaints made by their clients, including excessive fees being withdrawn from their bank accounts.

According to him, between 2012 and 2023, the bank’s Consumer Protection Department received 35,453 consumer complaints, of which 33,437 were sorted out.

The Corporate Communications Director, who was represented by Mr. Esu Imo, stated that the CBN was unwaveringly committed to ensuring that no customer was overwhelmed and that the goal of any bank should be to service its clients without expecting anything in return.

According to the CBN image creator, the recovery initiative’s main goal is to boost customer confidence in financial services and encourage both financial stability and growth.

Abdulmumin issued a warning that any financial institution that violated the legislative framework for consumer protection that permits treating clients fairly ran the risk of facing severe penalties.

He reiterated the bank’s commitment to upholding its primary responsibilities of guaranteeing monetary and price stability through the implementation of aggressive and creative policies and programs to stabilize the economy.

The Fair was planned to engage the people in conversation about the various policies and strategic interventions of the bank for long-term economic growth, according to Mr. Abiola Omotosho, Branch Controller of the CBN in Ekiti State.

To increase financial inclusion and strengthen the integrity of the nation’s financial ecosystem, Omotosho advised Nigerians to adopt e-Naira as an alternative payment platform for everyday transactions.

The apex bank highlighted that banks can only implement charges based on the specified services unless it decides to make amendments to reflect the new cash withdrawal policy.

The services that can be charged are: Intra-Scheme money transfers, Card maintenance fees for Naira debit/credit cards, Electronic funds transfers, and Card maintenance fees for Naira debit/credit cards.

Others include Status Enquiry at Customers’ Request, SMS Fee, Special Request for Statement of a Bill of Account, and USSD Transactions.

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