Nigerian banks return N89.2bn to customers in H1 ‘21, following complaints
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In the first six months of this year, Nigeria’s commercial banks made a refund to bank customers to the tune of N89.2 billion on account of complaints received.
Godwin Emefeile, the CBN Governor, represented by Osita Nwanisobi, acting director, department of corporate communications, disclosed this at a CBN fair held simultaneously in Akwa Ibom and Cross River States.
At the event themed, “Promoting financial stability and economic development”, the CBN chief disclosed that the cumulative number of complaints from bank customers as of the close of June 2021 reached 23,526 with 22,173 of them resolved.
He said the CBN Fair was necessary to create awareness on CBN interventions and how it was impacting on the lives of people as well as their businesses.
“When the CBN governor assumed duty as the 11th governor of the apex bank, he made a profound statement that he wants a people-centred 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 Agric Credit Scheme, Nigerian Electricity Market Stabilisation Fund and 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. Nigerians have nothing to fear as the CBN carries out a periodic examination of the banks,” Emefiele said.
Speaking on the proposed launching of a central bank digital currency before the end of the year, the apex bank boss asserted that Nigerians needed to understand that cryptocurrencies are issued by unknown entities without regulations, but added that the digital currency, which the apex intends to launch, would be regulated by the bank and can be used for the nation’s monetary policy.
Daramola Atanda, head, consumer protection department of the CBN, in his remarks, noted that Nigerians must know their rights as customers and report cases of violations to the CBN.
He, however, asked bank customers to be responsible as there were issues that 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 repay their loans and also protect their financial instruments such as their debit cards and others.