CBN Recovers N60bn From Banks As Illegal Charges

Central Bank of Nigeria (CBN) has facilitated the refunds of a total of N60 billion by commercial banks to their customers on March 31, 2018, through the intervention of the consumer protection department.

Dipo Fatokun, CBN director of Payment Systems Department, disclosed this at the ‘Meet The Executive’ forum organized by the Finance Correspondents Association of Nigeria (FICAN) in Lagos at the weekend.

Central Bank of Nigeria has facilitated the refunds of a total of N60 billion by commercial banks to their customers on March 31, 2018, through the intervention of the consumer protection department.

Dipo Fatokun, CBN director of Payment Systems Department, disclosed this at the ‘Meet The Executive’ forum organized by the Finance Correspondents Association of Nigeria (FICAN) in Lagos at the weekend.

Fatokun, who noted that the recovery also includes $18 million, 26,000 euros and 6000 British pounds, said such resolution will help build more confidence in the payment system and bring more people into the financial services network.

In furtherance of its statutory responsibility to promote confidence in the financial system, the CBN had over the years implemented a measure of consumer protection mainly in the form of customer complaint management.

The apex bank has also directed all commercial banks to resolve disputes arising from the use of Unstructured Supplementary Service Data (USSD) within three days.

Fatokun, who was represented by Taiwo Oladimeji, assistant director, Banking, and Payments System Department, said maximum USSD transaction limit remained N100,000 per customer per day, adding that any amount above that required the customer to execute indemnity at the bank.