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Banks refund N89.2bn to customers over complaints

Central Bank Governor, Mr. Godwin Emefiele, has disclosed that commercial banks in the country refunded about N89.2 billion to customers over complaints as at June, 2021. Emefiele made the disclosure during a CBN Fair held in Cross River and Akwa Ibom states simultaneously with the theme: “Promoting financial stability and economic development.”

Emefiele, who was represented by Mr. Osita Nwanisobi, Acting Director, Corporate Communications Department of the CBN, said the cumulative number of complaints from customers of banks as at June 2021 was 23,526 while 22,173 were resolved following CBN’s interventions He said the fair became necessary to make the people aware of CBN’s interventions and how it was impacting on the lives and businesses of the people. “When the CBN governor assumed duty as the 11th governor of the apex bank, he made a profound statement that he wants a people centered CBN and you cannot have that if you do not engage. “Also, CBN has about 37 targeted interventions which include The Targeted Credit Facility, Health Sector Intervention, Commercial Agriculture Credit Scheme, Nigerian Electricity Market Stabilization Fund, among others.

“In addition, we want to use this opportunity to build the confidence of Nigerians that the nation’s financial institutions are resilient, stable and safe and they have nothing to fear as the CBN carries out a periodic examination of the banks,” he said. On the issue of digital currency by the CBN, the governor stated that Nigerians needed to understand that crypto currencies are issued by unknown entities without regulations.

He added that the digital currency which CBN intends to issue would be regulated by the apex bank and it can be used for the nation’s monetary policy. In his remarks, Mr Daramola Atanda, Head, Consumer Protection Department of the CBN, noted that Nigerians must know their rights as customers and report cases of violations to the CBN on 07002255226 or Atlanta, however, asked bank customers to be responsible as there were issues theat were in their own purview; such as understanding the package given to them by a bank.

He also appealed to customers to ensure that they repaid their loans and also protect their financial instruments such as their debit cards and others. Speaking virtually from Uyo, Mrs. Amina Abdulmalik from the Currency Operations Department of the CBN, called on Nigerians to handle the naira with care as it was a national pride. “Our naira notes are supposed to last for about two years after printing but due to poor handling, some of them do not last for more than three months,” she said.




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