Customers can petition CBN over excessive bank charges, says NDIC MD

Bello Hassan, managing director of the Nigeria Deposit Insurance Corporation (NDIC), says overcharged bank customers can petition the corporation or the Central Bank of Nigeria (CBN) to facilitate a refund.

Speaking at a three-day workshop organised for business editors and members of the Finance Correspondents Association of Nigeria (FICAN), Hassan said there is a need for bank customers to be enlightened on bank charges.

He assured that issues surrounding complaints of customers on bank charges will be duly addressed.

“The issues of charges have been largely addressed. That is why we also have this workshop so that the finance correspondents will also help us disseminate the information,” he said.

“All we need to do is sensitise the banking public so that they can be aware that such document exists so that they are not unduly overcharged by the banks, and where customers discover that they have been overcharged, they can petition the CBN or the NDIC and it will be investigated and if the bank is found to have overcharged the customer they will be directed to make appropriate refund.

“In several instances, it has happened, and banks have made refunds to customers where they overcharged them.”

Hassan explained that the CBN already has a guideline on bank charges available to the entire public.

“So it is for us now to do more enlightenment to the banking public so that they can know what these charges are,” he added.

“The document is available on the CBN website. You can access it and see what the charges are as per those guidelines. It has already been standardised and taken care of.”