—-Urges Customers to Report Rogue Banks

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Friday disclosed that Deposit Money Banks (DMBs) in Nigeria have been compelled to refund the sum of over N6.2 billion to affected customers on illegal charges in 2015 alone.

The CBN said this is coming on the heels of complaints by Bank customers on alleged excessive and in some cases illegal charges from their respective Banks.

“The Central Bank of Nigeria (CBN) has received series of complaints from customers of Deposit Money Banks (DMBs) alleging excessive and in some cases illegal charges from their respective Banks.

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,” the Apex Bank said in a statement signed by Ibrahim Mu’azu its director, corporate communications.

According to the CBN, in its quest to provide a strong voice to Banks’ customers and moderate the arbitrary charges that in 2012, it established a Consumer Protection Department. “For the avoidance of doubt, the CBN has investigated over 6000 complaints relating to unauthorised bank charges brought to its notice,” the statement added.

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 banks.