CBN Recovers N60bn ‘Illegal Charges’ From Commercial Banks

The Central Bank of Nigeria on Monday said that as at March 31, 2018 it had facilitated the return of customer funds totaling N60 billion deducted by commercial banks, after the intervention of its consumer protection department.
CBN director of Payment Systems Department, Dipo Fatokun, disclosed this at the ‘Meet The Executive’ forum organized by the Finance Correspondents Association of Nigeria (FICAN) in Lagos at the weekend.
Fatokun, who noted that the recovery also includes $18 million, 26,000 euros and 6000 British pounds, said such resolution will help build more confidence in the payment system and bring more people into the financial services net.
In furtherance of its statutory responsibility to promote confidence in the financial system, the CBN had over the years implemented a measure of consumer protection mainly in the form of customer complaint management.
The apex bank has also directed all commercial banks to resolve disputes arising from the use of Unstructured Supplementary Service Data (USSD) within three days.
Fatokun, who was represented by the Assistant Director, Banking, and Payments System Department, Taiwo Oladimeji, said maximum USSD transaction limit remained N100,000 per customer per day, adding that any amount above that required the customer to execute indemnity at the bank.