CBN facilitates N24bn refund to customers in 11 months

The Central Bank of Nigeria (CBN) has facilitated a N24 billion refund to customers of various commercial banks in the 11 months of this year, records have shown.

The figures obtained by Daily Trust from the Consumer Protection Department of CBN indicated that was part of the interventions of the apex bank.

CBN had directed banks to resolve complaints of customers within a two-week time frame and where the banks failed to do so, the customer can engage the Consumer Protection Department.

The breakdown indicates that N23.1bn was refunded in naira, 47,000 British pound sterling, 2.3 million United States dollars, and 11,000 euros.

The data further revealed a growing confidence in the CBN resolution mechanism as the apex bank has so far received 2.75 million complains since January and resolved 2.7 million within the time frame.

About 649,000 complaints were made in the first quarter of 2018 and 585,000 were resolved; 737,000 in the second quarter, and 652,000 resolved.

In quarter three, 804,000 complaints were recorded and 733,000 were resolved while in quarter four, between October and November, CBN got 558,000 complaints and resolved 518,000.

The department, created in 2012, regulates the conduct of financial service providers, to engender trust and confidence in the nation’s financial system.

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