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The Central Bank of Nigeria (CBN) has reported that bank customers filed a total of 35,453 complaints regarding failed transactions over the past decade. In response, the CBN refunded customers a combined sum of N115.45 billion and over $22.7 million.
This information was shared by Elachi Samuel, an official from the Consumer Protection Department of the CBN, during a sensitization fair held in Bauchi State. The fair, themed “Promoting alternative payment channels as tools for financial inclusion,” aimed to engage stakeholders and create awareness about various financial policies and initiatives.
Samuel highlighted that out of the total complaints received, 33,437 cases were successfully resolved. He emphasized that the CBN strives to foster confidence in the financial system by implementing policies and measures to safeguard consumers’ funds during financial transactions.
“Since the establishment of the Consumer Protection Department of the Central Bank of Nigeria in 2013 until May 2023, we received a total of 35,453 complaints relating to failed bank transactions. Out of these complaints, we resolved 33,437. During this period, the sum of N115.45 billion was refunded to customers. The sum of $22,794,184.87 was also refunded to customers,” Samuel stated.
He encouraged customers to first report any disputes or issues to their respective financial institutions for prompt resolution. If they remain dissatisfied with the resolution, they can escalate the matter to the CBN.
In his opening remarks, Isa Abdulmumin, the Director of Corporate Communications Department at the CBN, emphasized the fair’s objective of interacting with the public and creating awareness about the CBN’s policies and strategic interventions for sustainable economic development. Abdulmumin highlighted the CBN’s commitment to supporting businesses and diversification through interventions in sectors such as agriculture, health, and manufacturing.
The fair featured presentations on various topics, including consumer protection, currency operations, innovations in the payment system, and recent developments in foreign exchange. Abdulmumin emphasized the CBN’s dedication to ensuring the availability of currency and urged the public to treat the Nigerian currency, the naira, with respect and keep it clean.
In conclusion, Abdulmumin assured attendees that the CBN would continue to fulfill its mandate of ensuring monetary and price stability while implementing proactive and innovative policies to support all economic sectors.
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