As of November 30, 2019, the Central Bank of Nigeria has refunded N76.75 billion and 20.90 million dollars to bank customers.

The Director, Consumer Protection Department of CBN Mr Kofo-Abdulsalam Alada, the, said this at a workshop for business editors and members of the Finance Correspondents Association of Nigeria on Thursday in Yola.

Mr Tyoden Nanfwang of the CPD who represented Alada, said the refund from several banks arose from various financial-related complaints.

Speaking further, he said, the refund is in line with the mandate of the department of the bank to promote consumer confidence in the financial system.

Making reference to some achievements of the department, the director said they had resolved no fewer than 16,263 complaints against banks from 2012 to November 30.

He revealed that, “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 dollars, among others to bank customers as of November 30.

He also said, “The department has also developed a consumer-protection framework and established a guide to charges by banks and OFIs,’’

Alada also noted that there was an extraordinary imbalance of power between the service providers and the consumers.

Highlighting the goal of consumer, he stated that, the goal of consumer protection is to mitigate this power imbalance.

Speaking on the department roles, the director said that one of the roles of the department in the bank was to entrench fair and responsible practices among financial service providers through regulations.

Considering cases whereby consumers are given the right services, he called on bank customers to report any financially-related complaints to the CBN anytime they were dissatisfied with responses from their banks.

Source: Punch