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NIGERIA: CBN Resolves 1,519 Complaints, Refunds N2.7bn In 6 Months

The CBN received 2,051 complaints bordering on frauds, ATM card issues, electronic transactions and excess charges from bank customers, with 1,519 of those complaints resolved.

Tochukwu Egesi
Tochukwu Egesi

The Central Bank of Nigeria (CBN) has said that it has resolved 1,519 banks’ transaction complaints and refunded N2.7 billion to the customers from January to June this year.

Mr Haruna Mustafa of CBN's Consumer Protection Department made this disclosure at the 2020 workshop for Finance Correspondents Association of Nigeria (FICAN) in Lagos.

Breaking it down, he said the CBN received 2,051 complaints bordering on frauds, ATM card issues, electronic transactions and excess charges from bank customers, with 1,519 of those complaints resolved. Mustafa, represented by Mr Abubakar Albasu of CBN's Consumer Protection Department, said that the bank had also refunded a total of N2.7bn in the prrocess of resolving the said complaints.

Image Source: Maritime First Newspaper

According to him, a lot of fraudulent activities in the banks were being perpetrated by employees (insiders), and therefore called for the development of a definitive fraud policy to deter mistakes that could lead to bank employees aiding in fraud, along with fraud prevention strategies.

Mr Bashir Nuhu, the Director of Communication and Public Affairs Department at the Nigerian Deposit Insurance Corporation (NDIC), on his part, implored banks to thoroughly screen their employees to ascertain their identity before employment.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)

News

Tochukwu Egesi

Financial Sector and Digital Economist (Scribing in Personal Capacity)