The Consumer Protection Department (CPD) of the Central Bank of Nigeria (CBN) has disclosed that banks refunded the sum of N76.75 billionand $20.90 million to customers in November after they had lodged several complaints.
Director, CPD, Kofo-Abdulsalam Alada, represented by Tyoden Nanfwang, a member of the CPD, on Thursday, stated that the refund was as a result of several financial related complaints made to several commercial banks.
Alada stated that about 16,263 complaints were been received against banks and successfully treated between 2012 and Nov 30 2019.
He added that the refund is in accordance with the mandate of the CPD of the CBN, which promotes consumer confidence in the financial system.
“Cumulative number of complaints against Other Financial Institutions (OFIs) that were resolved or closed from 2012 to the end of November 2019 is about 257. We resolved over 13,000 complaints, obtained refunds of N76.75 billion, 20.90 million dollars, among others to bank customers as at Nov. 30,” Kofo-Abdulsalam Alada said.
The CBN disclosed that it had resolved and established a guide for banks and other financial institutions to charge customers, correcting the power imbalance between banks and customers.
[READ MORE: Customers’ complaints: Banks refund N3.61 billion – CBN]
“There was an extraordinary imbalance of power between the service providers and the consumers. The department has also developed a consumer protection framework and established a guide to charges by banks and OFIs,’’ said Kofo-Abdulsalam Alada.
Though, it is the responsibility of the CPD to mitigate this power imbalance, and also ensure fair and responsible practices among financial service providers through its various regulations, CBN urged customers to report any financially related complaints to it at any time.
