Many Nigerian bank consumers often lament the difficulty and stress they usually go through while trying to solve bank account related issues with their banks. From excess charges to unapproved debits, to account freezes, angry customers storm the bank daily in efforts to resolve these and more complaints.
Given the harsh economic realities of rising food prices combined with mounting economic despair, it’s understandable that customers may become frustrated and enraged if their bank account difficulties are not resolved quickly.
It is recommended that you exercise patience with your bank, but if all options have been exhausted while trying to resolve problems with your bank, here are a few steps to take to draw the attention of the apex bank to the matter.
What you should know
- The Nigerian banking sector is one of the most closely regulated sectors in the country because it plays such an important part in the country’s economic growth.
- The Central Bank of Nigeria (CBN), as Nigeria’s apex bank and principal regulator of the banking sector, has undertaken a number of reforms and policies over the years to ensure that the Nigerian banking sector stays stable and capable of generating economic efficiency and promoting trust with the public.
- The main legislation that establishes the regulatory framework for banking activity in Nigeria is BOFIA 2020. It establishes the CBN’s regulatory and supervisory authority over Nigerian banks, including the granting and revocation of banking licenses, the establishment and closure of bank branches, bank restructuring and reorganization.
How to lodge a complaint with the CBN
The CBN advises customers to give deposit money banks at least two weeks to resolve any issues. Hence, if the problem hasn’t been resolved in two weeks, then they have a solid footing to progress.
“If after lodging your complaint your Bank still fails to engage you and resolve the complaint within 2 Weeks as provided for in the ATM HELP DESK Circular, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN.
“You can only direct your Complaints to CPD upon the failure of your Bank/Financial Institution to resolve your complaint within the 2 weeks timeline given by the CBN,” the apex bank said.
The apex financial regulator said customers can contact the CPD by sending an email to cpd@cbn.gov.ng, contactcbn@cbn.gov.ng or call +234 7002255226.
Customers can lodge a complaint directly on the CBN website via this link.
Customers can also write a letter to the director of the Consumer Protection Department in Abuja’s Central Business District.
“Your letter of Complaint should be addressed to the Director, Consumer Protection Department. You can submit your letter at the CBN Head Office OR at any of the Central Bank of Nigeria branches of nationwide,” the CBN added.
“Your complaint should be clear and concise to avoid ambiguity. The Complaint letter (petition) should contain amongst other things the following:
- Name, Address, Contact Phone Number & E-mail of the Complainant;
- Name of your Financial Institution;
- Personal banking details (Do NOT include PIN & Passwords, please;)
- History/Date of the transaction in dispute;
- Amount claimed (if any);
- Attach relevant documents to support your claim and;
- Evidence to show that you have first lodged the complaint at your bank.
You can make your further inquiries and obtain additional information on the Complaints Handling Process of the Central Bank of Nigeria from the Complaints Unit of your Bank/Financial Institution or from CBN offices nationwide.
CBN of Nigeria is a toothless bull dog. The said email address and phone you can hardly get an answer. The email they will never reply, seems the email were put their for formalities, nobody ever monitor it. These are the bane of all government enterprises, nobody monitor their emails.
I have been battling for 3 months with Zenith bank on my account that was debited when I tried paying for a membership subscription. It showed error when i tried to pay but i was debited. I have written several emails to zenith bank, chatted with them online, all they said is that they are working on it for over 3 months. Reported them to CBN CPD, sent emails, up to now no reply from cbn. The stupid form on CBN site which one is to fill as alternative to sending email doesn’t proceed beyond the second page, you can never submit as it will being out error.
Dis country is joke, seems nothing is really working
This is an issue the Central Bank should resolve. Why do banks charge N50, whenever there is a deposit or withdrawal from one’s account? It does not make ANY Economic sense for customers. It penalizes the customer adversely. In Western Countries, they pay INTEREST on Checking and Savings Accounts. This needs to be addressed by the Central Bank. They are indeed Robbing the public.
My brother’s account was debited 95000 from an unknown person after using a POS center in Owerri , when he got to the bank to complain about it, he was told that the withdraw was done from a betsite and nothing can be done.
Please can CBN come to our rescue
@Michael O. Eseonu;
I can understand how those deductions are very very annoying, and they happens to be their latest defrauding approach, in the name of fraudulent STAMP DUTY fees. Other uneconomical deductions from customers include monthly ATM card maintenance fees. I’m still trying to understand how an ATM card is being maintained; meanwhile, the VAT charges that applies on every single one of these unexplained deductions have their own annoyance on the side o!
Someone would go ahead to deactivate all forms of SMS alert services, just to curb their “excused” fraudulent deductions, these banks would just always come up with irrelevant & unexplained reasons for deduction… just ‘cos there’re no viable and functional monitoring/penal bodies. The Apex bank – CBN na just “photo”, they don’t address nor penalize these banking bodies.
I have an unresolved and outstanding problem with the Union Bank, Plc. For the past three years, I have not been able to operate the account owing to the blockage of the account. I made several attempts to know why the account was blocked but to no avail. Maybe your intervention may produce a resolution to the outstanding problem. I am curiously waiting for your help and cooperation.
Kind regards,
Josiah Adegboyega Ilori
I made a cash withdrawal transaction of #10,000 on 1st April 2022 on my Zenith Bank POS but the transaction was declined and the customer claims he was debited. I asked him to wait that it would be reversed or better still approach his bank for a reversal which he did. GTB has refused to reverse the money and there is no excess of #10000 on my account or any charge back from zenith Bank as it’s supposed to be indicating that the money has been reversed.
His money would reverse. If he contact his bank then definately they’ll reversed it. But it can take 1w/2ws or even 1mnt
I am going through this same issue with wema bank since September 2021. Same story every day. Urgh!!!!
It’s so shameful.
GTB keep debiting my savings account, with or without any transaction going on in it. It’s as worse that sometimes my savings account enters negative balance , because sometimes I avoid leaving money there. But GTB will keep taking any thing in the account till I have minus; so if an old customer that has my GTB account details sends money without informing me GTB Will subtract all the negative figure s. What they leave that’s what I receive
This is what they do to my account every blessed day. They must remove something from my account with or without any transaction from my end. All these little debits don’t appear in transaction history or statement of account. Imagine deducting N5 from millions of customers daily,
I made transfer Access bank ATM machine at ojodu berger Lagos state, I was debited and the receiver did not get the money. The transaction amount is 100,000naira, transaction date is 6th of April 2022, Account number : 1461284493,
Account name: Mary lade Jigah
They have been posting me and nothing has been done to it
Central bank and all the financial institutions in Nigeria are working together to defraud Nigerians. I’m presently having issue with Stanbic EZ loan. I demanded for my transaction history with Stanbic EZ loan and my loan repayment as at 1st of January 2022 which they sent to me after must pressure through my email address, . From their statement I discovered they have a payment schedule that has excess #564 thousand and some fraction. I have visited apapa ware house branch where my account is domiciled for reconsilaction without fruitfulness. However, I’m waiting to complete the actual payment before I will carry out my action plan.
I will draw money 17sept 2021from zenith bank on Friday, with ATm and Saturday then took all my money in account so I need your help,
On September 17th 2021 and I withdraw money with ATM on Friday on Saturday being 18th September 2021 the transfer all the money inside my account to another account at the since that time I still working for it asking for help nobody want to do anything please help me
On September 17th 2021 and I withdraw money with ATM on Friday on Saturday being 18th September 2021 the transfer all the money inside my account to another account at the since that time I still working for it asking for help nobody want to do anything please help
Tales of woes of Nigerians including me in the hands of the banks. Over to the CBN for response
Good day
Please am having problem with my Bank account with Heritage bank and I want to have a change of name and then are saying that CBN have stop it please I need your help because I can get pay please.so can you help me do the change of name.
Thank you.
Mercy Emmanuel
Please am tired of access bank they commot my money from my account very time when money enter and I don’t know why almost very time just for no reason please help me out
Please be careful with Fairmoney Microfinance bank.They flagrantly violated CBN Consumer Protection Act and when they received a mail to that effect, all they could say is the case has been closed.
A lot of details are too many to narrate in this short space, so the bottom line is: BE VERY CAREFUL WITH FAIRMONEY MICROFINANCE BANK.
Union bank refused to reverse the money they debited from my account 0099848131i have lay a complain more six time filling the reverse form
Am a POS agent using Nomba terminal, since Wednesday,I have not been able to access my #84,000 in the terminal I have called several times to complain yet nothing has been done I have sent mail to CBN so as to reach out to them yet nothing pls how should I go about his