How CBN recovers $22m, N115b excessive charges for customers

The Central Bank of Nigeria (CBN) yesterday said it has recovered $22.8 million and N115.5 billion for multiplicity of charges imposed on customers by the Deposit Money Banks (DMBs) over the past 11 years.

CBN Director of Corporate Communications, Dr. Isa Abdulmumin disclosed this in Ado-Ekiti, the Ekiti State capital at the 2023 CBN Fair with ‘Promoting Alternative Payment Channels as Tools for Financial Inclusion’ as theme.

Abdulmumin said the monies were recovered from the banks in response to various complaints lodged by their customers ranging from excess charges being deducted from their bank account.

He stated that the Consumer Protection Department of the bank received 35,453 complaints from the customers between 2012-2023 out of which 33,437 were resolved.

Represented by Mr Esu Imo, the Corporate Communications Director noted that the CBN was irrevocably determined to ensure that no customer was overburdened adding that the mission of any bank should be to serve its customer without expecting any favour.

The CBN image maker said the essence of the recovery initiative was to enhance consumer confidence in financial service and promote financial stability as well as growth.