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CBN Facilitates Refund Of N7.05bn, $714,569.03 To Bank Customers

by Mark Itsibor
6 months ago
in Business
CBN
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The Central Bank of Nigeria (CBN) has made several money deposit banks in Nigeria refund N7.05 billion and $714,569.03 to bank customers within eight months, disputing the financial service providers, LEADERSHIP learnt.

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The eight-month recovery is part of the billions of naira illegally deducted or withheld by the banks under controversial circumstances that negate the ethics of banking services.

LEADERSHIP reports that there is a growing concern about unauthorised or fraudulent deductions by commercial banks in Nigeria, which many accuse of dipping their hands into customers’ accounts with impunity.

In October 2024, the House of Representatives introduced a “Bill for an Act to amend the Banking and Other Financial Institutions Act 2020 and Other Related Matters” to curb the growing scourge of fraudulent deductions from bank customers’ accounts by commercial banks.

A document obtained from the central bank by this reporter showed that over 20,000 customer complaints were received in 2024 after the affected customers reported the issues to the apex bank due to the failure of the commercial banks to settle the disputed transactions with them.

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The CBN’s consumer complaints resolution chart revealed that 19,988 customer complaints were received in eight months, while 15,306 (76.58 per cent) were resolved.

The apex bank commenced a comprehensive review of consumer protection regulations in February 2024 to improve standards and address emerging Fintech risks.

The bank said in a 2024 factsheet: “Refunds: Facilitated refunds totalling approximately N7.05 billion and $714,569.03 to customers disputing financial service providers, underscoring a commitment to fair treatment.”

The names of the erring banks were, however, not given. In a recent drive to implement sanctions for regulatory breaches, the CBN said it had rigorously enforced sanctions to ensure compliance, deter unethical behaviour, and enhance transparency within the financial sector.

The central bank implemented a pilot consumer protection risk-based examination in 2024 to proactively identify policy gaps and improve conduct among financial institutions (FIs).

“This risk-based approach complements traditional compliance checks by highlighting urgent risks that could affect financial consumer protection (FCP),” the apex bank stated.

The CBN now counts enhanced customer service standards and increased engagement with formal financial institutions among its achievements for the year-end.

Despite the flaws of the existing ones, licences for a new bank were approved as a non-operating financial holding company in 2024, and another transitioned from a merchant to a national commercial bank. Two banks received AIPs for regional commercial licences and one for regional non-interest banking.

The CBN licensed 16 new microfinance banks and re-licensed 53 previously revoked microfinance banks. Five new approvals were given to finance companies for operations.

To enhance cyber security in the banking sector, the CBN adopted ISO 27001 standards and introduced a risk-based cyber security framework.

In the past year, it also conducted a cyber and technology assessment to improve resilience and operational efficiency.


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Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

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