The Central Bank of Nigeria (CBN) said it had received at least 35,453 complaints from bank customers related to failed transactions over the past decade. The Apex Bank said 115.45 billion naira and more than $22.7 million were refunded to customers during the same period due to failed transactions.
This was announced by Elachi Samuel of CBN’s Department of Consumer Protection in a presentation during a day-long stakeholder awareness fair in Bauchi State on Thursday.
The fair’s motto was “promoting alternative payment channels as a vehicle for financial inclusion”.
Samuel said 33,437 of the complaints filed by customers have been resolved. He explained: “In order to inspire confidence in the financial system, CBN consistently produces policies and activities to protect consumers, so that they do not suffer losses when conducting financial transactions.
“Since the establishment of the Consumer Protection Agency at the Central Bank of Nigeria in 2013 to May 2023, we received a total of 35,453 complaints related to failed banking transactions. Of these complaints, 33,437 were resolved.
“Customers were reimbursed NGN 115.45 billion during this period. The sum of $22,794,184.87 was also refunded to customers.”
He urged customers to first report their disputes to the financial institutions for quick and amicable resolution before approaching the apex bank with further complaints if they were not satisfied with the actions of the institutions.
Speaking earlier in his opening remarks, the Director, Corporate Communications Department, CBN, Isa Abdulmumin, said the fair was designed as a platform to interact with members of the public on the policies and strategic interventions of the apex bank for sustainable economic development in the country.
According to him, as a responsible and responsive corporate citizen, the CBN has demonstrated the most passionate commitment to supporting businesses and promoting diversification through an array of interventions in agriculture, health, manufacturing, and other key sectors of the economy.
Abdulmumin, who was represented by the Assistant Director in the department, Esu Imo, said the presentations to be made included those on how the bank had protected the rights of financial services consumers through the Consumer Protection Department, from the Currency Operations Department on how best to keep the naira clean and the efforts of the CBN to make currency available to the populace.
Other presentations, according to him, are recent innovations in the Nigerian payment system by the Payment System Management Department and recent developments in foreign exchange by the Financial Market Department. “So part of the aim of this effort is to raise public awareness of how World Bank interventions can grow businesses and contribute to the Nigerian economy,” he said.
“CBN will continue its efforts to ensure the availability of the currency. However, we encourage you to consider the Naira as a defining symbol of national identity.Let’s respect it and keep it clean.” Do not spray, sell, cut, or counterfeit Naira. “Finally, we would like to ensure that the CBN continues to ensure that it continues to fulfill its core mission of maintaining currency and price stability. It is useful to point out that we will continue to introduce proactive and innovative policies to ensure that all economic sub-sectors receive the desired support.”
