Business
Banks refund N72.2bn to customers in 13,715 complaints
The Central Bank of Nigeria (CBN), Wednesday revealed that money deposit banks in the country have refunded about N72.2 billion to customers in 13,715 complaints.
This was disclosed by the Consumer. Protection Department, CPD, of the CBN at a workshop organised by the Nigeria Deposit Insurance Corporation, NDIC, for journalists and editors in Benin City, the Edo State capital by the Director, Alada S.K.
According to the CPD, the breakdown of the refund shows that N66.5 billion, $18.5 million or N5.6 billion converted using CBN’s official rate of N306, €26,319.03 or N10.43 million, and £9,085.98 or N3.13 million were refunded to customers in the country.
The refund is consequent upon 25,043 cases of fraud reported by deposit money banks in 2017, compared with 19,531 cases in 2016, representing a 28 percent increase in reported fraud cases in 2017
The CPD said even though there was a 24 percent reduction in actual fraud loss value in 2017 compared with 2016 figures, actual fraud loss value amounted to N1.63 billion in 2017.
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According to statistics provided by the CBN at the workshop, there was a significant increase in the year-on-year volume and value of transactions across all payment channels in Nigeria.
This shows that 1.4 billion transactions with a value of N97.4 trillion were processed in 2017 as against 869 million transactions with a value of N69.1 trillion recorded in 2016.
An increase of 59.7 percent and 40.9 percent were recorded, respectively, in the volume and value of transactions in 2017.
The CBN also said that it would soon issue a framework on consumer protection, adding that it conducted a mapping exercise of financial literacy activities in Nigeria.
Speaking on other achievements of the CPD, Alada pointed at the biannual consumer protection compliance exams, review of the guide to bank charges (2004, 2013 and 2017) and conducting of baseline survey on financial literacy in the country.
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