Wed. Jun 12th, 2024

Nigeria Bank customers get N115bn, $22.7m refund for failed transactions.

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According to the Central Bank of Nigeria no fewer than 35,453 complaints from bank customers relating to failed transactions in the last 10 years.

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was received. 

The apex bank said within the period, the sums of N115.45bn and over $22.7m were refunded to customers as a result of the failed transactions.

This was disclosed by an official of the Consumer Protection Department of the CBN, Elachi Samuel, in a presentation during a one-day sensitisation fair for stakeholders in Bauchi State on Thursday.

The Central Bank of Nigeria has said that it received no fewer than 35,453 complaints from bank customers relating to failed transactions in the last 10 years.

The apex bank said within the period, the sums of N115.45bn and over $22.7m were refunded to customers as a result of the failed transactions.

This was disclosed by an official of the Consumer Protection Department of the CBN, Elachi Samuel, in a presentation during a one-day sensitisation fair for stakeholders in Bauchi State on Thursday.

The fair had the theme, ‘Promoting alternative payment channels as tools for financial inclusion’.

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Samuel said out of the complaints lodged by customers, 33,437 were resolved.

He stated, “The CBN, in trying to engender confidence in the financial system, always brings out policies and activities to protect consumers. This is to ensure that they do not lose their money while conducting financial transactions.

Also Read: CBN Ask Banks To Be Weary Of  Money Laundering Transactions From Cameroon, Others. 

“Since the establishment of the Consumer Protection Department of the Central Bank of Nigeria in 2013 till May 2023, we received a total of 35,453 complaints relating to failed bank transactions. Out of these complaints, we resolved 33,437.

“During this period, the sum of N115.45bn was refunded to customers. The sum of $22,794,184.87 was also refunded to customers.”

He urged customers to first report their disputes to the financial institutions for quick and amicable resolution before approaching the apex bank with further complaints if they were not satisfied with the actions of the institutions.

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