The Central Bank of Nigeria (CBN) has frowned at excessive and illegal charges allegedly forced on individuals by some Deposit Money Banks (DMBs).
The apex bank pointed out that the Revised Guide to Bank Charges clearly underscores allowable charges for all banking services and the CBN does not in any way condone the fleecing of banking customers under any guise.
“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,” a press statement signed by the bank’s spokesman, Ibrahim Mu’azu said.
“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 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).”
CBN urged bank customers to always forward there complaints to Director, Consumer Protection Department via email on cpd@cbn.gov.ng.
