Business

Bank Customers Receive N115bn, $22.7m Refunds For Failed Transactions- CBN

He further mentioned that out of the customer complaints received, 33,437 cases have been successfully resolved.

By Emomotimi Konubo

The Central Bank of Nigeria has reported that over the past decade, it has received a total of 35,453 complaints from bank customers regarding unsuccessful transactions. During this period, the bank has refunded customers a combined amount of N115.45 billion and over $22.7 million due to these transaction failures.

Elachi Samuel, an official from the Consumer Protection Department of the CBN, disclosed these figures during a one-day sensitisation fair in Bauchi State. The fair, which aimed to promote alternative payment channels for financial inclusion, featured Samuel’s presentation. He further mentioned that out of the customer complaints received, 33,437 cases have been successfully resolved.

He stated, “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 advised customers to initially report their disputes to the financial institutions for prompt and peaceful resolution before escalating their complaints to the central bank if they were unsatisfied with the actions taken by the institutions.

Related posts

World Bank Supports FG’s Subsidy Removal, Forex Policy

Waffi Tv

Naira Depreciates In Parallel Market

Waffi Tv

Naira Hits N1,089/$ At Official Forex Market

Waffi Tv

Leave a Comment