CBN recovers $22.8m, ₦115.5b banks deducted from customers' accounts

<p>The CBN received 35,453 complaints between 2013 and 2023, and 33,437 of those were resolved.</p>, <span>Customers made complaints about the excess charges being deducted from their accounts Nairametrics</span>, <h2>After numerous complaints by bank customers, the Central Bank of Nigeria (CBN) has taken action by recovering some amounts deducted from customers' bank accounts by Deposit Money Banks (DMBs).</h2>, <p>This was disclosed by the CBN’s Director of Corporate Communications, Dr Isa Abdulmumin, during the 2023 CBN Fair with the theme 'Promoting Alternative Payment Channels as Tools for Financial Inclusion.'</p>, <p>Abdulmumin, who was represented by Esu Imo, noted that the sum of $22.8 million and ₦115.5 billion were recovered from the defaulting DMBs for unlawful charges imposed on customers over the period of 11 years.</p>, <p>He also said the apex bank decided to spring into action following complaints made by customers about the excess charges being deducted from their accounts by some of the banks.</p>, <p>Abdulmumin revealed that between 2012 and 2023, the Consumer Protection Department of the bank received 35,453 complaints and 33,437 of those were resolved.</p>, <p>The department was created in 2012 to follow up and sort out all pending issues related to illegal deductions from customers' accounts.</p>, <p>He also threatened to sanction any financial institution that breached the provision of the consumers’ protection legal framework.</p>, <p>The apex bank in its Revised Guide to Bank Charges specified allowable charges for all banking services.</p>, <p>Part of the CBN's guide reads, "Details of all fees and charges applicable to a transaction shall be disclosed to the customer at the point of consummation (where applicable) and transaction receipt/alert/confirmation for any charge shall contain a description of the charge."</p>, <p>The CBN noted that the defaulting financial institutions would be surcharged a penalty of ₦2 million per infraction while failure to log every customer complaint into