Banks Customers To Receive N115 Billion And $22.7 Million Refund For For Unsuccessful Transactions

Over the past decade, the Central Bank of Nigeria has received a significant number of 35,453 complaints from bank customers regarding unsuccessful transactions. During this period, a total refund of N115.45 billion and over $22.7 million was issued to customers as a result of these failed transactions. These details were shared by Elachi Samuel, an official from the Consumer Protection Department of the CBN, during a sensitization fair in Bauchi State. The fair, themed “Promoting alternative payment channels as tools for financial inclusion,” aimed to engage stakeholders and educate the public on the CBN’s policies and interventions for sustainable economic development.

Samuel highlighted that out of the complaints received, 33,437 had been successfully resolved. He emphasized the CBN’s commitment to protecting consumers and ensuring their financial transactions are secure, urging customers to first report disputes to their respective financial institutions for prompt resolution. Only if unsatisfied with the institution’s actions should customers escalate their complaints to the CBN.

Isa Abdulmumin, the Director of the Corporate Communications Department of the CBN, highlighted the fair’s objective to showcase the bank’s interventions and interact with the public. He emphasized the CBN’s commitment to supporting businesses and promoting diversification across various sectors. The presentations covered topics such as consumer protection, currency management, innovations in the payment system, and recent developments in foreign exchange.

Abdulmumin urged the public to treat the Nigerian currency, the naira, with respect and keep it clean, discouraging acts like spraying, hawking, mutilating, or counterfeiting it. He assured attendees that the CBN would continue to uphold its core mandate of ensuring monetary and price stability while implementing proactive and innovative policies to support all economic sub-sectors.