CBN Orders Banks to Refund N17bn illegal Charges to Customers

The Central Bank of Nigeria has ordered banks to refund over N17bn illegally charged customers as of August 2014, according to the Head, Consumer Protection Department, CBN, Hajia Khadijah Kassim,.

Speaking on Monday in Calabar, Cross River State, she said the decision was in response to about 5,500 complaints received from bank customers.

“Once we receive a complaint; if it is a case of fraud, we move in immediately. As of August 2014; from 5,500 complaints, we have got the banks to refund over N17bn to customers.

“We are not allowing the banks to have a field day as far as treating customers fairly is concerned.”

Responding to a question on bank frauds at a press briefing to mark the commencement of the Financial Literacy and Consumer Awareness Campaign in Calabar, Kassim said as soon as the central bank received complaints of fraud, it usually wasted no time in addressing them.

“We ensure that banks treat their customers fairly,” she said according to PUNCH.

According to her, customers have a right to complain, and advised that they always pay attention to their bank statements.

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