Business
CBN refunds N65bn excess charges by banks from customers in 6 years
The Central Bank of Nigeria (CBN) said it has refunded a total of over N65 billion excess charges deducted from bank customers’ accounts in the last six years.
CBN’s Acting Director, Consumer Protection Department, Yinka Ahmed, made the disclosure while speaking at a summit organised by Bank Customers Association Nigeria (BCAN) in Lagos at the weekend.
Ahmed said the amount was returned between 2012 and July 2018, adding that some individuals got as much as N3 billion.
Read also: Coca-Cola acquires coffee chain Costa for £3.9bn
In May, the CBN had warned financial institutions that any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest.
The warning came after series of complaints by bank customers alleging excessive and in some cases illegal charges from their respective banks on every transaction, thereby leaving them in fears.
Some of the known ways at which the banks allegedly ripoff their customers include; ATM charges, SMS charges, interest rates on loans above CBN’s Monetary Policy Rate, charging Value Added Tax (VAT) on interests, hidden loan charges by calculating interest with rate outside official rates, among others.
By Oluwasegun Olakoyenikan…
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