CBN Urges Deposit Money Bank Customers To Report Cases Of Illegal Charges


Get real time updates directly on you device, subscribe now.

The Central Bank of Nigeria (CBN) has asked banks’ customers to report cases of excessive and illegal charges by Deposit Money Banks.

In a statement on Saturday, Ibrahim Mu’azu, the apex bank’s spokesman, said it had received series of complaints from customers of Deposit Money Banks (DMBs) alleging excessive charges from their respective banks.

“It was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012, established its Consumer Protection Department,” the statement read.

The CBN said it had investigated over 6,000 complaints relating to unauthorised bank charges brought to its notice and that banks had been compelled to refund over 6.2 billion Naira to affected customers in 2015 alone.

It expressed its resolve to continuously enforce the provision of the Revised Guide to Bank Charges and urged members of the public to report cases of infringement to enable it investigate and apply sanctions on any erring Deposit Money Bank (DMB).

Bank Customers are urged to forward their complaints to the Director, Consumer Protection Department through an email the apex bank provided – [email protected]


Leave a Reply

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.