CBN returns N115.45bn, in failed bank transactions to customers in 10-yrs

The Central Bank of Nigeria (CBN) said a total of N115.45 billion and about $22.7 million have been refunded to customers of banks in the last 10 years after receiving complaints over failed transactions.

The apex regulator of banks in the country said it received 35,453 complaints from bank customers over unsuccessful transactions carried out on their various electronic channels.

According to the CBN official from the Consumer Protection Department, Elachi Samuel, the bank handled about 33,437 consumer-related issues during the period under review.

He spoke in a presentation at a one-day sensitization fair for stakeholders in Bauchi State on “Promoting alternative payment channels as tools for financial inclusion.”

“The CBN, in trying to engender confidence in the financial system, always brings out policies and activities to protect consumers. This is to ensure that they do not lose their money while conducting financial transactions.

“Since the establishment of the Consumer Protection Department of the Central Bank of Nigeria in 2013 till May 2023, we received a total of 35,453 complaints relating to failed bank transactions. Out of these complaints, we resolved 33,437.

“During this period, the sum of N115.45bn was refunded to customers. The sum of $22,794,184.87 was also refunded to customers.”

He asked bank customers to initially report their disputes to financial institutions for prompt and amicable resolution before filing further complaints with the apex bank if they were dissatisfied with the institutions’ conduct.

In his opening remarks, the CBN acting Director of Corporate Communications, Isa AbdulMumin stated that the fair was designed to allow members of the public to interact with the regulatory bank on its policies and strategic interventions for the country’s long-term economic development.

He said the CBN has shown the most ardent commitment to helping businesses and promoting diversification through a variety of interventions in agriculture, health, manufacturing, and other vital areas of the economy as a responsible and responsive corporate citizen.

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