CBN warns banks to stop charging customers illegally

CBN warns banks to stop charging customers illegally

The Central Bank of Nigeria (CBN) has warned all Deposit Money Banks (DMBs) to stop all illegal charges on customers’ accounts, under any guise. The apex bank also revealed that it ordered banks to refund illegal charges to the tune of N6.2 billion to customers in 2015. Speaking on this development, the CBN Director, Corporate Communications, Mr Ibrahim Mu’azu said “The Revised Guide to Bank Charges clearly specifies allowable charges for all banking services; 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 a Consumer Protection Department. “The CBN has investigated over 6,000 complaints relating to unauthorised bank charges brought to its notice, following which banks have been compelled to refund N6.2 billion 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 DMB.” Also, the Consumer Advocacy Foundation of Nigeria (CAFON)and the Coalition of Nigerian Consumer Protection Associations have set aside Tuesday, March 1, 2016 as No Banking Day.