CBN urges bank customers on financial obligation

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The Central Bank of Nigeria (CBN) has urged bank customers on their financial obligation, to ensure that payments or repayments are not delayed in order not to suffer penalties in the form of default charges.

The apex bank on its verified Twitter handle on yesterday said customer owe bank and the society a duty to provide factual information about themselves and where necessary, about relevant transactions.

According to the numerous tweets tagged #CustomerRightsandDuties, the CBN noted that, it requires customers to repay credit facilities and pay mutually agreed interest on loans and other financial services rendered by their banks as at when due.

According to a tweet, banks are not to bear responsibility if a customer incurred losses to online fraud as a result of negligence in protecting vital instruments or information.

The tweets read, “You should bear in mind that just as your bank is required to provide you with truthful information about goods and services it offers, you are also required to provide the bank with truthful information about yourself. You should also exercise reasonable care not to mislead your bank, failing which you may be liable

“As a bank customer, you have a right to disclosure of information from your bank on services the bank offers. The information provided must be complete, relevant and truthful.

“The success of a business is when the customer is happy. The customer as a King has many rights, duties which he owes himself and the economy. In Nigeria, customers of banks have certain rights and duties guaranteed by law, regulation and conventions.”

Furthermore, “Customer’s Duty to protect instruments and information: It is your duty as a bank customer to keep your checkbook, ATM and all information relating to your account like PIN, passwords and codes safe.

“This is one of your major responsibilities to the extent that banks are established to provide loans and other financial services to you and other customers.

“Customer Duty of financial obligation: This requires customers to repay credit facilities and pay mutually agreed interest on loans and other financial services rendered by their banks as and when due,” The tweet reads.

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