CBN Recovers N6.2Bn Illegal Charges from Banks

Commercial banks have refunded over N6.2 billion of illegal charges to customers in 2015 alone, according to the Central Bank of Nigeria (CBN).

The apex bank said it has investigated over 6,000 complaints relating to unauthorised bank charges brought to its notice by customers.

The CBN said that it 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 CBN urged members of the public to “report cases of infringement to enable it investigate and apply sanctions on any erring Deposit Money Bank (DMB).”

Bank customers were reminded to always forward complaints to: Director, Consumer Protection Department via [email protected].

Ibrahim Mu’azu, director, Corporate Communications said the apex bank will rely on the Revised Guide to Bank Charges which clearly specifies allowable charges for all banking services.

 “The CBN does not in any way condone the fleecing of banking customers under any guise.” Mu’azu also said

The apex bank noted that “it was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012 established its Consumer Protection Department”, reiterating its resolve to continuously enforce the provision of the Revised Guide to Bank Charges.