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CBN Recovers N60bn ‘Illegal Charges’ From Commercial Banks

Posted by on July 2nd, 2018



The Central Bank of Nigeria has facilitated
the refunds of a total of N60 billion by
commercial banks to their customers on
March 31, 2018, through the intervention of
the consumer protection department.
CBN director of Payment Systems
Department, Dipo Fatokun, disclosed this at
the ‘Meet The Executive’ forum organized by
the Finance Correspondents Association of
Nigeria (FICAN) in Lagos at the weekend.
Fatokun, who noted that the recovery also
includes $18 million, 26,000 euros and 6000
British pounds, said such resolution will help
build more confidence in the payment system
and bring more people into the financial
services net.
In furtherance of its statutory responsibility to
promote confidence in the financial system,
the CBN had over the years implemented a
measure of consumer protection mainly in the
form of customer complaint management.
The apex bank has also directed all
commercial banks to resolve disputes arising
from the use of Unstructured Supplementary
Service Data (USSD) within three days.
Fatokun, who was represented by the
Assistant Director, Banking, and Payments
System Department, Taiwo Oladimeji, said
maximum USSD transaction limit remained
N100,000 per customer per day, adding that
any amount above that required the customer
to execute indemnity at the bank.


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