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CBN refunds N14.6bn to banks' customers

17 June 2014, 10:03

Ibadan - The Central Bank of Nigeria (CBN) on Monday said it had refunded N14.6 billion to customers of various banks across the country who lodged genuine complaints on their banking transactions.

The Director, Consumer Protection Department of the bank, Umma Dutse, disclosed this during a news conference on Monday in Ibadan.

She spoke at the commencement of consumer awareness campaign.

Dutse, who was represented by a Deputy Director in the department, Khadijat Kasim, said that the complaints were complaints were received between 2010 and May, 2014.

She said that more than 3 000 complaints from banks and their customers were received during the period, adding that the CBN also intervened in frictions between banks during the period.

Dutse said that following the finance industry crisis, the CBN introduced reforms to sanitise and stabilise the system, adding that consumer protection was included as a cardinal component of the reform programme.

According to her, the reform leads to the creation of a consumer protection office in 2010 and its subsequent upgrade to a full-fledged department in 2012.

 -     NAN

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