CBN returns excess bank charges to customers


Godwin Emefiele: CBN orders banks to publish names and BVN of defaulters

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) on Thursday said it has so far recovered over N60 billion from erring banks as excessive charges imposed on customers.

The CBN Director of Corporate Communications, Mr. Isaac Okoroafor who attended a two-day customer sensitisation forum in Owerri said the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

According to him, the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks.

Related News

Okoroafor, who also disclosed that the erring banks were meted with various penalties by the CBN, stated that the Apex Bank was determined to ensure that no bank customer was cheated with excessive charges from their banks.

He added that the CBN adopted an intermediation strategy to monitor the banks and ensure they did not misuse customer’s deposits. The bank also said it has equally returned the same amount to the affected customers.

He used the opportunity to advise bank customers to report all cases of suspected illegal or excessive charges they feel their banks might have imposed on them.

Load more