CBN Asks Nigerians To Report Cases Of Illegal Charges By Banks

The Central Bank of Nigeria (CBN) has asked
banks’ customers to report cases of excessive
and in some cases illegal charges by Deposit
Money Banks.
In a statement on Saturday by the CBN’s
spokesman, Ibrahim Mu’azu, the apex bank
said it had received series of complaints from
customers of Deposit Money Banks (DMBs)
alleging excessive charges from their
respective banks.
The bank reiterated that the Revised Guide to
Bank Charges clearly specified allowable
charges for all banking services, warning that
it would not in any way condone the fleecing
of banking customers under any guise.
“It was in the quest to provide a strong voice
to banks’ customers and moderate the
arbitrary charges that the CBN in 2012,
established its Consumer Protection
Department,” the statement read.
The apex bank said it had investigated over
6,000 complaints relating to unauthorised
bank charges brought to its notice and that
banks had been compelled to refund over 6.2
billion Naira to affected customers in 2015
It expressed its resolve to continuously enforce
the provision of the Revised Guide to Bank
Charges and urged members of the public to
report cases of infringement to enable it
investigate and apply sanctions on any erring
Deposit Money Bank (DMB).
Bank Customers are urged to forward their
complaints to the Director, Consumer
Protection Department through an email the
apex bank provided –


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