Don’t Fleece Customers CBN Warn DMBs

Yemisi Izuora
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The Central Bank of Nigeria (CBN) has asked Deposit Money Banks (DMB) to operate within the ambit of regulations issued by it.

The bank said it would not in any way allow practices outside the guidelines and advised banks to be law abiding corporate citizens.

The CBN said it received series of complaints from customers of DMBs alleging excessive and in some cases illegal charges from their respective banks.

The Revised Guide to Bank Charges clearly specifies allowable charges for all banking services and the CBN does not in any way condone the fleecing of banking customers under any guise, Ibrahim Mu’azu, Director, Corporate Communications of the CBN explained in a statement obtained by Oriental News Nigeria.

“It was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012, established its Consumer Protection Department.

For the avoidance of doubt, the CBN has investigated over 6000 complaints relating to unauthorized bank charges brought to its notice, following which banks have been compelled to refund the sum of over N6.2 billion to affected customers in 2015 alone.

The CBN wishes to reiterate its resolve to continuously enforce the provision of the Revised Guide to Bank Charges and urges members of the public to report cases of infringement to enable it investigate and apply sanctions on any erring Deposit Money Bank (DMB).

Bank Customers are reminded to always forward there complaints to: Director, Consumer Protection Department; email: cpd@cbn.gov.ng” the statement said.

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