CBN returns over N60 billion excess bank charges to customers

The Central Bank of Nigeria (CBN) on Thursday said it has so far recovered over N60 billion from erring banks as excessive charges imposed on customers.

The bank also said it has equally returned same amount to the affected customers.

Speaking during a two-day customers sensitisation forum in Owerri, the Imo State capital, the CBN Director of Corporate Communications, Mr. Isaac Okoroafor said the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

According to him, the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks.

Okoroafor, who also disclosed that the erring banks were meted with various penalties by the CBN, stated that the Apex Bank was determined to ensure that no bank customer was cheated with excessive charges from their banks. He added that the CBN adopted intermediation strategy to monitor the banks and ensure they did not misuse customers deposits.

He used the opportunity to advise bank customers to report all cases of suspected illegal or excessive charges they feel their banks might have imposed on them.

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