Banks Imposed N6.2 Billion As Excessive Charges On Customers In 2015 – CBN

The Central Bank of Nigeria has said it has recovered about N6.2 billion from Deposit Money Banks as excessive charges imposed on their customers in 2015.

The apex bank in a statement issued by the Director,Corporate Communications Department, CBN, Alh Muazu Ibrahim warned banks against imposing illegal charges on their customers.

The CBN in the statement said it was concerned about the rising number of complaints bordering on excessive bank charges, noting that in 2015 alone, the apex bank investigated about 6,000 of such cases.

It said the apex bank would continue to enforce the revised guidelines on bank charges, stating that any customer who has been illegally charged should complain at the Consumer Protection Department of the CBN

The statement reads in part,  “The Central Bank of Nigeria has received series of complaints from customers of Deposit Money Banks alleging excessive and in some cases illegal charges from their respective banks.

“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.

“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 unauthorised bank charges brought to its notice, following which banks have been compelled to refund the sum of over N6.2bn 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.