CBN makes N5.03bn refund to consumers against banks

Central Bank Governor, Sanusi Lamido Sanusi

The Central Bank of Nigeria (CBN) has refunded about N5.03 billion to consumers who submitted petitions to the consumer and financial protection division of the apex bank against banks.

The Director of the Consumer Protection Department of the CBN, Mr. Umar Shehu who disclosed this at a one day seminar organised by the CBN for industrial unions, said the apex bank also refunded $201. 375 million to consumers.

He said that as at April this year, the department received about 3,645 complaints and processed about 3,571 while total claims of N8.59 billion was made by petitioners against the banks.

He said that the creation of the consumer help desk in all branches of the CBN nationwide is aimed at achieving automation of consumer complaints, processes and enhance faster resolution of complaints.

The director said the activities of the helpdesk facility which was expected to take off within the third quarter of 2012 will be premised on a consumer complaints web enabled portal for the financial consumers of banks and other financial institutions to submit petitions to the CBN on line.

The system according to him will provide an interface for banks and other financial institutions to make periodic returns to the CBN for its record and possible intervention.

He said to achieve key protection measures such as financial literacy, disclosures, regulation, curtailing unfair practice by banks is challenging but not impossible.

Shehu stated that regulation should seek to achieve the broadest feasible coverage, creating a level playing field for different banks offering the same or similar products and services.

Filed Under: Banking