Bank customers get N115bn, $22.7m refunds from failed transactions in 10 years

The Central Bank of Nigeria, CBN, says customers of Deposit Money Banks have received N115.45 billion and $22.7 million, respectively, as refunds from failed transactions in the last ten years.

Elachi Samuel, an official of the Consumer Protection Department of the CBN, disclosed this in his presentation at a sensitization fair in Bauchi on Friday.

Samuel, while speaking on the theme, ‘Promoting alternative payment channels as tools for financial inclusion’, explained that in the quest to ensure customers’ safety in the financial sector, CBN had pursued several complaints to a logical conclusion.

He added that the country’s apex bank would continue implementing policies to protect consumer transactions in the financial sector.

“Since establishing the Consumer Protection Department of the Central Bank of Nigeria in 2013 till May 2023, we received 35,453 complaints relating to failed bank transactions. Out of these complaints, we resolved 33,437.

“During this period, the sum of N115.45bn was refunded to customers. The sum of $22,794,184.87 was also refunded to customers”, he stated.

However, DAILY POST learnt that Nigerians have continued to lament some commercial banks’ inability to make refunds from failed transactions.