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.

Dipo Fatokun, CBN director of Payment Systems Department, disclosed this at the ‘Meet The Executive’ forum organized by the Finance Correspondents Association of Nigeria (FICAN) in Lagos at the weekend.

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.

Dipo Fatokun, CBN director of Payment Systems Department, 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 network.

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 Taiwo Oladimeji, assistant director, Banking, and Payments System Department, 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.

SOURCE: https://brandspurng.com/cbn-recovers-n60bn-from-banks-as-illegal-charges/

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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.
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Who are the customers?

Nice job.

A welcome development . But I am yet to receive my share

Good ole

I didn't get alerted to any refunds oo..

Hope being fraudulent has not become part of our DNA as Nigerians?

I still have my 1K stuck in a bank's ATM after I was short payed using another bank's card.
They would have declared my 1K as part of their income.

I've also received #500 note as part of a #1000 withdrawal from ATM from the same bank.

The system is still lose but I believe it will be better.

Oya, let them share it back to us

Where is the money going to?

Return it pls

are they gonna give us back our moneys?

k

to book space for nairaland now is not bread and butter. you need 5G network .

More propaganda.

Elections are coming

Oh I received alert of N4

thief thief the money thief collect am. if you know you know. This is Nigeria

is well

when ll the CBN refund my own overcharges?

Abeg I need a refund of all the illegal withdrawals from all my accounts.Thieving banks.

I know UBA will be among. Very USELESS bank.

What happen to recovered money ? Will the customer be credited or posted which account ,it is good to check bank but customers should benefit from the short changing

CBN


a nice place to work


but hard to get in sha

GTB that can charge you for passing through the metal detector door

I received 7k nd was damn suprise

Well done job @CBN and please continue to monitor the charges being melted on we consumers by these banks.

I will be waiting to receive alerts of all the illegal charges they have received from me

Nonsense people

I never see my own

Where dem facilitate am to?