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CBN Orders Banks to Repay all Excess Charges

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Godwin Emefiele, Governor of the Central Bank of Nigeria

Central Bank of Nigeria (CBN) has said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest.

 

This is sequel to complaints by bank customers within the Federal Capital Territory (FCT) over excess charges by banks through Automated Teller Machine (ATM) withdrawals.

 

The customers said as a result of the development, they dreaded making withdrawals using other banks ATMs because of the continued charge of N65 for every transaction.

 

According to the customers, most banks within the city centre have programmed their ATMs to dispense only N10,000 or less per transaction, thus ripping off customers withdrawing more than that amount.

 

The customers complained that if they had to withdraw N100,000 or more through other banks ATM, it meant they would lose so much money.

 

They, however, called on the CBN and other relevant authorities to look into the matter so as to help poor Nigerians.

 

Mr Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said that the Monetary Policy Circular of the CBN gives certain guidelines as to how much should be refunded to customers if excess charges are discovered.

 

“Part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest,” he said.

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David, however, assured bank customers that the CBN monitors all banks regularly to make sure that banks do not short-change them.

 

He also encouraged customers to read the CBN’s Guide to Bank Charges circular to know those charges that their banks were allowed to charge and the correct amount.

 

“Consumers should consult this document to know how much they are expected to pay for services.

 

“When you go through it and in a situation where you see charges that you do not understand, you have the right to write your bank and get them to explain what the charges are.

 

“In a situation where it becomes clear that the customer was charged excessively, the customer should get them to reverse it.

“You have the right to know how much you are charged from operating your account and make sure that the bank only charges the specified amount,” he said.

 

Also, Mr Oludamola Atanda of the Consumer Education Division, Consumer Protection Department, CBN, urged bank customers to demand for their statement of account monthly.

 

He said that it would help customers to monitor their accounts closely.

 

“You have the right to demand for the right product and services. The bank cannot force you to go for a specific product or loan facility. You have the right to choose.

 

“If they give you a product you do not like, you do not have to take it. Its important for us to understand this.

 

“There is also the issue of right to privacy. My bank should not share my details with just anybody. For instance, a wife cannot come and say she wants details of her husband’s account.

 

“Only by court order can an account details by revealed to a third party,” he said.

 

Atanda said at times, customers complain about certain bank products because they were not properly informed about the products.

 

“If I am taking a product, my bank has the responsibility to educate me on that product.

 

“If it is a savings product, a customer should know how it works, how many times to withdraw in a month, how much interest to expect and the minimum deposit on the account.

 

“We are saying that you have the right to demand good service. Those are the things we want to let customers know,” he said.

 

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

eTranzact Fires Obi as CEO, Others over Alleged N11Bn Fraud

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eTranzact International Plc has confirmed that Mr. Valentine Obi, managing director and some of its other directors will step down, after the Central Bank of Nigeria (CBN) asked the senior management of the payment processor company  to resign.

 

The action is coming in the wake of alleged fraud to the tune of ₦11billion perpetrated on its platform, by Michael Obasuyi, CEO of Platinum Multi-Purpose Cooperative Society Limited on the platform.

Mr. Valentine Obi

In a letter signed by the company’s secretary, eTranzact International, said that Mr. Obi will step down as the company managing director, while Mr. Niyi Toluwalope will be taking over as the managing director in an acting capacity.

 

Until this new appointment, Toluwalope was the Chief Financial officer of the company, a position he has held since 2011.

 

Others affected by the management change include Executive Directors; Sullivan Akala, Ike Eze and Chief Technology Officer, Mr. Richard Omoniyi, Head of Operations, Mr. Kehinde Segun.

 

eTranzact International however denied reports that PricewaterhouseCoopers, PwC, and Earnest & Young have been recruited to review the accounts of the company.

 

eTranzact, claimed that the move for the change in the management of the firm is strictly a decision by the board.

 

“We want to categorically state that there was no fraud in eTranzact International Plc, however, a merchant used the company’s interface with a bank to perpetrate fraud,” the press release made available to Techpoint.ng reads in part

 

The firm also affirms that neither of PricewaterhouseCoopers (PwC) nor Ernst and Young is reviewing the books of the company. eTranzacts claims PwC handles various technology-related assignments from time to time for the company, none of which has to do with account reviewing.

 

E-Tranzact international was incorporated as a Private Limited Liability Company on the 7th of May 2003. It became a public limited liability company on the 7th of August 2009 and was quoted on the Nigerian Stock Exchange (NSE).

 

Its shares are currently trading flat on the Nigerian Stock Exchange at ₦4.55 with its one year return down by 7.14%.

 

Full Text of Release

 

eTranzact International PLC, Africa’s premier e-payments solution provider has announced that it will be making significant changes to the Company’s management team.

 Niyi Toluwalope

Mr. Valentine Obi, Managing Director of the Company will be stepping down and Mr. Niyi Toluwalope will be taking over as the Managing Director in acting capacity. Until his appointment, Mr. Niyi Toluwalope was the Chief Financial Officer, a position he has held since 2011. Other executive positions affected by the management changes are: Executive Directors -Mr. Sullivan Akala and Mr. Ike Eze; Chief Technology Officer – Mr. Richard Omoniyi and Head of Operations – Mr. Kehinde Segun.

 

eTranzact is aware of recent Business Day publications about these management changes and wishes to announce that the changes are strictly eTranzact Board’s decision, and would like to advise all its stakeholders that it is working closely with the regulators, and all other relevant Stakeholders to resolve any issue related to or arising from the management changes.

 

In addition, we want to categorically state that there was no fraud in eTranzact International Plc, however a merchant used the company’s interface with a bank to perpetrate fraud. The eTranzact executives resigned honorably because they have the responsibility for governance in the company. Also, there is no truth about PricewaterhouseCoopers (PwC) or Ernst & Young reviewing the Accounts of the Company. eTranzact retains PwC from time to time for various technology related assignments and none has to do with reviewing the Company’s Accounts.

 

The ISO certifcations are a testament to eTranzact’s focus in adopting and implementing global and best practices to ensure effectiveness, efficiency, confidentiality and integrity in its day to day operations. This marks the beginning of a new journey for the company.”

 

 

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E-Financial

UBA to Reward Loyal Customers in ‘Refer-a-Friend’ Campaign

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Pan-African Financial Services Institution, United Bank for Africa (UBA) Plc will be rewarding its loyal customers who refer friends and family to the bank in its new diaspora campaign.

 

The campaign is designed to reward customers of the bank who refer their Diaspora friends/relatives to open a UBA account.

 

Specifically, this campaign will last for three months and the bank will be rewarding any customer who refers other customers with the reward of N5,000 for every successfully opened new and funded account.

 

For instance, new and existing customers who refer friends and relatives in the Diaspora to open new UBA accounts will be eligible to grab the reward for as many times as the number of people they refer.

 

According to the campaign managers, the referrer who must have an account with UBA, will have his/her account number inputted in the provided field by the referred. The account number is expected to serve as a reference code for paying the reward, and once the new Diaspora account is funded with a minimum of $100,  $100, £100, €100 or N50,000, for a one-month period, the reward sum of N5,000 will be automatically credited into the Referrer’s account.

 

They further explained that the campaign which kicks-off on May 22, 2018, involves no raffle draws, customers just refer, and redeem their cash prizes after successful funding of the new account.

 

 

 

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E-Financial

Court Orders Zenith Bank to Pay Customer N11m as Damages

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An Anambra State High Court sitting in Onitsha has ordered Zenith Bank PLC to pay the total sum of eleven million naira to Mr. Iwuchuckwu Okeke of Okeke P.C Stores as damages for detaining his five hundred and fifty thousand naira for ten days and also for reputation and business damages.

 

In its judgement, the court presided by Justice M.N.O Okonkwo ordered the bank to pay a sum of one million naira to the Plaintiff as damages for detaining his five hundred and fifty thousand naira for ten days and the sum of ten million naira as reputation and business damages.

 

According to Plaintiff who deals with the products of the Nigerian Bottling Company, on 1st March 2017, he paid the sum of five hundred and fifty thousand naira to the account of the Nigerian Bottling Company Limited through the defendant and the electronic transaction receipt evidencing the payment was issued to him but the bank failed to effect the transaction timeously blaming the failure on poor network and all attempts by him in approaching the bank to effect the transaction failed.

 

He thereafter wrote the bank through his lawyer and requested that the money be remitted and that also sum of five million naira should be paid to him as compensation to his loss but the bank failed to act accordingly and he had no option than to seek for justice at the court of law in order to save his business as he was out of stock and had no money to order for new products from the Nigerian Bottling Company.

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