CBN moves to simplify bank alerts amid rising customer complaints

The Central Bank of Nigeria (CBN) and commercial banks are reviewing the large number of transaction alerts sent to customers and the complaints about bank charges.

CBN Governor, Olayemi Cardoso, said this in Abuja after the 305th Monetary Policy Committee meeting. He explained that many bank customers are confused because they receive too many debit alerts for a single transaction.

To address this, the CBN has created a quarterly meeting system involving its consumer protection team, commercial banks, and the top 10 microfinance banks. The goal is to resolve customer complaints faster and improve banking services.

Cardoso said one major issue being studied is how banks send multiple notifications for one transaction.

He said this often confuses customers and suggested that alerts should be simplified and combined so people can clearly understand what each debit is for.

He added that the issue is still being worked on and solutions will be proposed soon.

On the N50 stamp duty charge, the CBN governor explained that it is not a bank charge. He said the charge comes from tax authorities, while banks only collect it and send it to the government.

He advised customers who notice wrong charges to first complain to their bank. If the issue is not resolved, they can escalate it to the CBN’s consumer protection department.

Cardoso also said the CBN has strengthened its monitoring system to ensure banks handle complaints properly, compensate customers when needed, and improve customer service.

The CBN is also reviewing how banks apply rules on charges and customer complaints, with the aim of improving transparency and reducing repeated issues in the banking system.