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Bank of industry

Nigerian Banks refund N6.8bn excess charges to customers
Posted by Editor One on 6th November 2018
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Godwin-EmefieleGodwin Emefiele, Nigerian CBN Governor,

THE Central Bank of Nigeria, has, disclosed that commercial banks in the country, have refunded N6.8 billion excess charges to their customers in the first half of 2018.

The apex bank disclosed this in its half year, 2018 economic review report recently released to the public.

The report showed that the N6.8 billion excess charges refunded in H1’18 was 6.0 percent lower when compared to N7.21 billion returned to customers in H1’17. The report said: “The Bank received 1,439 complaints from consumers of financial services in H1’18, compared with the 1,141 in the corresponding period of 2017. The complaints were, mainly, in respect of excess charges, frauds, dishonoured guarantees and unauthorised deductions/ transfers, among others. “A total of 2,451 complaints, including those outstanding from 2017, were resolved in the review period, compared with 1,270 complaints resolved in the corresponding period of 2017. “Total claims in the review period in local and foreign currencies amounted to N20.5 billion, $163,479.00, £2,889.98 and €32.82, compared with N14.72 billion, $2.42 million and €6,940.00, in the corresponding period of 2017. “The sum of N6.80 billion, $119,349, £2,889.98 and €32.82 were refunded by financial institutions to their customers, compared with the sum of N7.21 billion, $2.40 million and €6,940.00, refunded in the corresponding period of 2017.

The bank has urged members of the banking public to take advantage of its Consumer protection Unit to report unwholesome activities in the industry affecting quality bank service delivery.