The Central Bank of Nigeria (CBN) has put banks’ refunds to customers as of November 30, at N76.75 billion and $20.90 million.
This is coming as the Managing Director of Stanbic IBTC Bank Limited, Dr. Demola Sogunle, has predicted that the banking sector credit would hit N28 trillion by the end of the year, up from the N16 trillion at the end of September.
According to him, the refunds are in line with the mandate of the department of the bank to promote consumer confidence in the financial system.
Highlighting some achievements of the department, the director said they had resolved no fewer than 16,263 complaints against banks from 2012 to November 30.
“Cumulative number of complaints against other financial institutions that were resolved or closed from 2012 to the end of November 2019 is about 257.
“We resolved over 13,000 complaints, obtained refunds of N76.75 billion, $20.90 million, among others to bank customers as of November 30.
“Cumulative number of complaints against other financial institutions that were resolved or closed from 2012 to the end of November 2019 is about 257.
“We resolved over 13,000 complaints, obtained refunds of N76.75 billion, $20.90 million, among others to bank customers as of November 30.
“The department has also developed a consumer-protection framework and established a guide to charges by banks and OFIs,’’ he stated.
Alada, represented by Mr. Tyoden Nanfwang of the CPD, noted that there was an extraordinary imbalance of power between the service providers and the consumers.
According to him, the goal of consumer protection is to mitigate this power imbalance.
The director said one of the roles of the department was to entrench fair and responsible practices among financial service providers through regulations.
Alada, however, called on bank customers to report any financially-related complaints to the CBN anytime they were dissatisfied with responses from their banks.