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Banks refund N73bn to customers as CBN intervenes resolving over 13k complaints

Banks refund N73bn to customers as CBN intervenes resolving over 13k complaints

CBN has informed the public it has so far resolved 13,715 customer complaints which compels banks to refund a whooping N73bn customers funds held in error.

According to S.K Salam, the director Consumer Protection Department of the CBN, (CDP) has “conducted a mapping exercise of financial literacy activities in Nigeria. Reviewed the guide to bank charges (2004, 2013 and 2017).

Resolved over 13,715 customer complaints resulting in the following funds to consumers N66.5 billion, $18.5 million, 26,319.03 euro and 9,085.98 pounds, cumulating into a total of N73.27 billion.

According to the director, consumer protection has been more concerned about surging rate of electronic payment fraud in Nigeria and the impact on the nations’ financial system.

It however projected losses to hit N6.1 trillion by the year 2021 in Nigeria.

According Hassan Ibrahim the assistant director “even though there was a 24 percent reduction in actual fraud loss value in 2017 compared to 2016 figures, actual fraud loss value amounted to N1.63 billion in 2017”.

83 percent of the e-fraud actual losses in 2017 were electronic fraud, while the remaining 17 percent were non-electronic.

On the mandate of the department, “The overarching is to develop and implement an effective consumer protection framework that promotes consumer confidence in the financial system.

CBN may however review guidelines on the protection of bank customers stating that the review will begin with an exposure draft, which would spell out areas of consumer protection”.

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