The Central Bank of Nigeria (CBN) has disclosed that over N15 billion has been recovered and refunded to customers from Deposit Money Banks resulting from failed transactions, illegal deductions among other complaints.
The Director, Corporate Communications Department of CBN, Dr Isa Abdulmumin, who spoke in Ado-Ekiti, the Ekiti capital on Tuesday during an event tagged, ‘ CBN Fair : Promoting Alternative Payment Channels as Tools for Financial Inclusion ‘ said the apex bank also recovered $22 million from 2012 till May 2023.
He noted that the funds were refunded from the 33, 437 complaints by people across the country, adding that the CBN was committed to the protection of rights of financial consumers.
At the event attended by stakeholders in agriculture, business, education and youth sectors in the state, papers on consumer protection, financial markets, currency operations, payment system management and the e-Naira platform were delivered.
He said that the monies were recovered from the banks in response to various complaints lodged by their customers ranging from excess charges being deducted from their bank accounts, failed transactions, fraudulent debits among other complaints.
The CBN spokesperson stated that the essence of the recovery initiative was to enhance consumer confidence in financial service and promote financial stability as well as growth.
Represented by an official of the bank, Esu Imo, the CBN Director explained that the event was conceptualized, ” to interact with members of the public on the policies and strategic interventions of Central Bank of Nigeria for a sustainable economic development of the country.”
According to him, the apex bank over the years has remained committed to the growth and development of the nation’s economy with constant support to small and medium enterprises and interventions in critical sectors of the economy.
He said that the public should take advantage of the different initiatives of the bank to advance the economy towards embracing modern payment infrastructures to ease business transactions.
Abdulmumin said, ; Let me assure you that the CBN will continue to ensure that it delivers on its core mandate of ensuring monetary and price stability. However, it is instructive to state that the Bank shall also continually roll out proactive and innovative policies which would ensure that all economic sub-sectors receive the desired support.
“The Bank, as a responsible and responsive corporate citizen, has continued to demonstrate its passionate commitment in supporting businesses and promoting diversification through arrays of interventions in agriculture, health, manufacturing and other key sectors of the economy.”