CBN orders Banks to resolve excess charges complaints within 30 days

The Central Bank of Nigeria has said customers should allow Deposit Money Banks to resolve their complaints on excess charges within 30 days. The CBN, in a series of tweets on Friday, educated bank customers on how to lodge complaints.

It said, “If you make a complaint to your bank, insist on getting the Consumer Complaint Management System tracking number from your bank after lodging a complaint to enable the Central Bank of Nigeria do a follow-up. “If you make a complaint to your bank on excess charges, allow 30 days for resolution, after which you can contact the CBN by sending an email to, or call +234 7002255226.”

The apex financial regulator said customers complaining about card-related and funds transfer issues should allow 72 hours for resolution “after which you can contact the CBN.” “If you make a complaint to your bank on account management issues, allow 14 days for resolution, after which you can contact the CBN…” it added. The CBN said last year that it had recovered about N6.2bn from banks as excessive charges imposed on their customers in 2015.

It warned banks against imposing illegal charges on their customers, saying it was concerned about the rising number of complaints bordering on excessive bank charges. The CBN said it would continue to enforce the revised guidelines on bank charges, stating that any customer who had been illegally charged should complain at the Consumer Protection Department of the CBN. “For the avoidance of doubt, the CBN has investigated over 6000 complaints relating to unauthorised bank charges brought to its notice, following which banks have been compelled to refund the sum of over N6.2bn to affected customers in 2015 alone,” it added. PUNCH

Pix: CBN Governor, Godwin Emefiele