CBN Refunds N2.7Bn to Customers, Resolves 1,519 Complaints

Central Bank of Nigeria (CBN) refunded N2.7 billion to the customers and resolved 1,519 banks’ transaction complaints from January to June this year.

Mr Haruna Mustafa of the Consumer Protection Department of CBN revealed this at the 2020 workshop for Finance Correspondents Association of Nigeria (FICAN) in Lagos.

Giving the breakdown, he said the apex bank received 2,051 complaints bordering on frauds, ATM card, electronic transactions and excess charges from bank customers, from which the 1,519 complaints were resolved.

Mustafa who was represented by Mr Abubakar Albasu, of the department, said the bank then resolved 1,519 of the complaints, refunded N2.7bn and over $144 million.

He said a lot of fraudulent activities in the banks were being perpetrated by employees (insiders).

The CBN official called for the development of a definitive fraud policy to deter mistakes that could lead to employees aiding in fraud, along with fraud prevention strategies.

He said that low financial literacy level was a challenge to effective consumer protection.

“COVID-19 has indeed brought us into an era of a `new normal’ which is continuously affecting the way we do things including banking and other financial services.

“Financial technology (fintech) is no doubt the way forward. However, policy makers, regulators and indeed entities that are interested in consumer welfare must make concerted and coordinated efforts at minimising the risks that fintech pose to consumers.

“We must invest in research to enable more and better understanding of fintech as we strive to promote innovation.”

Mr Bashir Nuhu, director of Communication and Public Affairs Department at the Nigerian Deposit Insurance Corporation (NDIC), urged banks to properly screen their employees to be sure of their identity before employment.