CBN Threatens To Sanction Banks Over Frivolous Charges

The Central Bank of Nigeria (CBN) has issued directives to all the Deposit Money Banks (DMBs) against the recent frivolous charges it arbitrarily placed on its numerous customers without approval from the regulatory body adding that it has already recovered about N6.2 billion of excess charges imposed on the helpless customers in the year 2015.

A statement issued by the Director, Corporate Communications Department of CBN, Mua’zu Ibrahim, acknowledged that complaints and petitions from customers on excessive and inexplicable charges have piled up in the offices across the nation including mass protests.

Explaining further, Mua’zu noted that the apex bank has a template for charges payable for customers of the DMBs and questioned the source of the approval on the excessive charges imposed on the customers of the banks.
He therefore added that the CBN cannot in any way condone the unprofessional conducts from the banks against ifs respective customers.

He explained that the Revised Guide to Bank Charges issued by the apex bank clearly specifies allowable charges for all banking services, adding that the CBN does not in any way condone the ripping-off of the banks customers under any guise.

While assuring that the CBN would continue to meet its obligation, he recalled that it has investigated of 6,000 cases related to the aberrations, and therefore mandated the general public to report to the Consumer Protection Department (CPD) of the apex bank where the banks imposes any of such charges.

“The Central Bank of Nigeria has received series of complaints from customers of Deposit Money Banks alleging excessive and in some cases illegal charges from their respective banks.

“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.

“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.

“Bank customers are reminded to always forward complaints to: Director, Consumer Protection Department or email: cpd@cbn.gov.ng,” the CBN statement.

Meanwhile, as at the time of filing this report, the banks seemed not to be moved by the directives as the new charges have come to stay, according to a senior member of staff of one of the DMBs who did not want his name on print.