The apex bank, explained that it was able to recover the sum following litany of complaints from consumers of various commercial banks in the country.
Complaints against the deposit money banks are varied – from simple over-charging to arbitrary fees and charges for services never rendered.
Customers have reported high fees on routine transactions; fees for transactions they never undertook; multiple charges for a single transaction and charges imposed but never communicated to the account holder.
Many customers know of certain charges only when they request detailed statements of their accounts.
But Mr. Olumuyiwa Ojoawo, CBN’s controller in Abeokuta, at the first Consumer Sensitisation Forum/Workshop organised by the Consumer Protection Department, CBN, said, “It is worthy of note that within the last one year, in pursuance of the Consumer Protection mandate, the CBN was, through the department, able to assist consumers to recover over N9bn excess charges by banks.”
The controller added that the apex bank recently reviewed and published a new guide on bank charges, which took effect in April, saying, “The document is available on request.”
The controller noted that the development had continued to enhance consumer trust and confidence in the economy.
“Certainly, this will result in a more vibrant and successful economy and will also improve the living standard of Nigerians,” he said.
Dr. Kingsley Moghalu, deputy Governor (Financial System Stability), CBN in his address on the occasion, said the programme was in furtherance of the National Financial Inclusion Strategy, which placed priority on financial literacy.
He regretted that due to ignorance of financial products, a huge percentage of the money in circulation was not captured by the formal financial system.
“This is not good for the nation’s economic growth. It negates the efforts of the government towards the Financial System Strategy 20:20 programme, which aims at developing Nigeria’s financial system into becoming a major international financial centre by year 2020,” he said.
The CBN deputy governor added that such sensitisation programme had therefore become necessary to increase the awareness and understanding of financial products and services so as to enhance efficient usage of financial resource.
He said, “It is only when the vast majority of the Nigerian population is financially literate that they can come on board the formal financial system, thereby contributing to financial stability.
“Financial literacy is no doubt crucial to the future and stability of our financial system.With good and up-to-date knowledge, members of the public will be able to plan and budget their finances effectively and efficiently. Appropriate financial education will provide a platform to make informed financial decisions and consequently promote the health of the economy.”
Source: NCW
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