Cbn Warns Banks Over Illegal Charges

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BEVERLY HILLS, February 21, (THEWILL) – The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) over series of complaints it had received from customers alleging excessive and illegal charges from their respective banks.

In a press statement signed by Ibrahim Mu'azu, Director, Corporate Communications, CBN, the apex bank warned that it would not condone the fleecing of the bank's customers under any guise

“The Revised Guide to Bank Charges clearly specifies allowable charges for all banking services and the CBN does not in any way condone the fleecing of banking customers under any guise,” the statement read.

“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.

“For the avoidance of doubt, the CBN has investigated over 6000 complaints relating to unauthorized bank charges brought to its notice, following which banks have been compelled to refund the sum of over N6.2 billion to affected customers in 2015 alone.”

The bank further advised customers to aptly report such cases to its Consumer Protection Department with a promise to investigate and apply sanctions where necessary.

“Bank Customers are reminded to always forward there complaints to: Director, Consumer Protection Department; email: [email protected]

“The CBN wishes to reiterate its resolve to continuously enforce the provision of the Revised Guide to Bank Charges and urges members of the public to report cases of infringement to enable it investigate and apply sanctions on any erring Deposit Money Bank (DMB).”

Story by David Oputah