E-Financial
CBN Mandates Banks to Settle Customers’ Complaints within Two Weeks
The Central Bank of Nigeria has directed banks and other financial institutions to settle customers’ complaints on issues of overcharge, unauthorised deductions and other matters within two weeks.
The CBN Head of Complaints Management Division, Mr. Tajudeen Ahmed, said this in an interview with the News Agency of Nigeria on Thursday in Abuja.
He said the CBN would ensure that bank customers get a redress on issues of excess charges or unauthorised withdrawals.
Ahmed reiterated the apex bank’s commitment to eradicating excess and arbitrary charges.
According to him, the CBN has since issued a circular which could be found on its website, showing all legitimate bank charges.
He said that any charge outside what is stated in the circular is not allowed.
“The consumer protection department issued guidelines to banks dated August 16, 2011, directing all banks and other financial institutions to resolve all customer complaints within two weeks of receipt.
“Before the expiration of that complaint, the financial institution is expected to be engaging the customer on a continuous basis to update him or her on the status of the complaint.
“If it is not resolved within the deadline given, then such a person is encouraged to draw the attention of Central Bank of Nigeria to the complaint,” he said.
Ahmed advised customers with unresolved complaints to contact the CBN by writing to the Director Consumer Protection Department or send an email to cbd@cbn.gov.ng.
He also advised dissatisfied bank customers to visit any branch of the CBN closest to them to make their complaints.
“The CBN continually engages the banks to find out if their conduct and practices are fair to their customers in order to stimulate people’s confidence in the banking system.
“Non-adherence to that normally results to regulatory sanctions, as the case may be,” he said.
Ahmed also faulted banks for setting a limit on ATM withdrawals.
“I have also observed and noted this. Don’t forget that at the beginning, it wasn’t like this. Over time, we started having this problem.
“One of the reasons is that the quantum of N500 denomination is much more than that of N1,000 denomination.
“When we approached the banks about these problems, they said the machines become easily faulty when it is set to dispense up to N30,000 to N40,000 units.
“However, CBN has directed that the machines that allow payment of up to N30,000 to N50,000 should be installed.
“This is still ongoing. The Banking and Payment Department of the CBN is championing it,” he said.
Also, the Head of Consumer Protection Division, Mrs. Hadija Kasim, said bank customers could also avoid some of these issues by inculcating the habit of cashless policy.
She reminded the public that there were various methods to make payments rather than carrying cash.
“Let’s not forget that ATM cards can also be used on Point of Sale (POS) terminals.
“We are encouraging people that unless it is absolutely necessary, they should reduce the carriage of cash.
“Cashless transactions are more convenient, safer and you will avoid the problem of overcharges,” she said.
Kasim also advised bank consumers to use bank transfer channels for transactions in cases where sellers do not have POS.
The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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