Commercial banks refund N3.61bn, $1.72m to Customers’ – CBN


Story by Kayode Tokede

The Central Bank of Nigeria (CBN) has said commercial banks refunded about N3.01 billion and $1.724 million to customers that lodged complaints over excess/unauthorised charges, fraud cases, dispense errors and fund transfers.

The financial stability report (FSR) of the CBN, revealed also disclosed that the total claims made by the customers amounted to N7.995 billion and $1.767 million but a total refund stood at N3.093 billion and $1.724.

The report stated that a total of 1,496 complaints were successfully resolved by the end of second half of 2018 as against the 4,723 complaints in the first half of 2018.

According to FSR, the number of complaints received increased by 173 or 12per cent when compared to the 1,439 received in the first half of 2018.

The second half of 2018 had 1,612 complaints of which 99.38per cent were against commercial banks, while 10 complaints or 0.62per cent were against Other Financial Institutions (OFIs).


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