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CBN refunds over N13bn excessively deducted to customers

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The Central Bank of Nigeria (CBN) has refunded over N13 billion excessively deducted from various consumers of financial products and services. The director of consumer protection department of the CBN, represented by the deputy director, Khadija Kasiu, disclosed this to newsmen on the occasion to mark the commencement of consumer financial literacy awareness campaign in Enugu.

She said the department was created in 2012, to protect consumers from illegalities in some commercial institutions in the country, saying “it is my pleasure to inform you that no bank in the country is a sacred cow, any bank that has committed any infraction with customers account is sanctioned. You have to refund the money that has been so excessively deducted and such refund must be made with full interests.

“We have recorded since this department was created, through the effort of this department, not what

the banks on their own are refunding into customers account. Our own effort as consumer protection department in the central bank till date, we have been able to return and refund over N13 billion to

various consumers of financial products and services out of the many complaints we have been receiving and the resolution process is ongoing.”

She emphasised that no bank would be treated differently as far as the efforts towards protecting the consumers were concerned, saying the CBN had updated its guide to bank charges, as COT this

year was only N2 per meal and by next year, it will be N1 per meal and a year after it will be zero charges to COT.

“This is an opportunity for you to go and reconciled your account and know the bank that is still surcharging N3 per meal. It is also dependent on the type of account you are running, but if you have

a savings account and you have not received interests, please let us know,” she said.

This week-long programme has the primary objective of providing an avenue to engage and interact with members of the public in Enugu for the purpose of creating awareness and promoting financial literacy.

Article Credit: Businessdayonline

Updated 5 Years ago

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