The Central Bank of Nigeria (CBN) over the weekend disclosed it would penalise erring Deposit Money Banks (DMB) for fleecing bank customers with illegal charges.
Already, the bank said it has recovered about N6.2 billion of excess charges imposed on customers by banks in 2015.
A statement issued by the Director, Corporate Communications Department of CBN, Mua’zu Ibrahim, acknowledged the series of complaints from customers of DMBs alleging excessive and in some cases illegal charges by their respective banks.
He explained that the Revised Guide to Bank Charges issued by the apex bank clearly specifies allowable charges for all banking services, adding, “the CBN does not in any way condone the fleecing of bank customers under any guise.”
Ibrahim hinted that the bank was concerned about the rising number of complaints bordering on excessive bank charges, noting that in 2015 alone, the CBN investigated about 6,000 of such cases.
It said the apex bank would continue to enforce the revised guidelines on bank charges, stating that any customer who has been illegally charged should report to the Consumer Protection Department (CPD) of the CBN.
The statement read in part: “The Central Bank of Nigeria has received series of complaints from customers of Deposit Money Banks alleging excessive and in some cases illegal charges from their respective banks.
“It was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012, established its Consumer Protection Department.
“The CBN wishes to reiterate its resolve to continuously enforce the provision of the Revised Guide to Bank Charges and urges members of the public to report cases of infringement to enable it investigate and apply sanctions on any erring Deposit Money Bank.
“Bank customers are reminded to always forward there complaints to: Director, Consumer Protection Department; email:cpd@cbn.gov.ng.”

Credit: Sun