Failed transactions: Banks have refunded N89bn to customers in 9 years, says CBN

The Central Bank of Nigeria (CBN) says commercial banks have refunded N89.2 billion to customers over various financial-related complaints from 2012 to June 2021. 

Godwin Emefiele, CBN governor, disclosed this during a two-day sensitisation fair, titled, “Promoting financial stability and economic development,” in Calabar, Cross River State.

Emefiele, represented by Osita Nwanisobi, CBN’s spokesperson, said the cumulative number of complaints from bank customers was 23,526, while 22,173 were resolved.

Clarifying the statement, Nwanisobi said the fund was based on complaints from customers concerning charges and other related matters in the last 9 years.

“As at June 2021, the CBN has ensured the banks refunded a total of N89.2 billion to various customers based on resolved complaints, since 2012,” Osita told TheCable.

“Also, note that a total of 22,173 complaints were resolved within the period.”

Daramola Atanda, CBN consumer protection department head, advised customers to report cases of violations to the apex bank on 07002255226 or [email protected].

He also appealed to customers to ensure that they repay their loans and also protect their financial instruments such as their debit cards.

The apex bank had said it recovered N76.75 billion and $20.90 million for customers between 2012 and November 30, 2019.

The CBN added that the refunds were from 16,263 resolved complaints.

Last year, CBN revised the timeframe for resolution of failed transactions, dispense errors or disputes and refund complaints on electronic channels.

The directives include instant reversal or 24 hours of failed ATM transactions when customers withdraw from their own banks; not more than 48 hours reversal when customers withdraw from other bank’s ATMs.

Also, CBN directed banks to resolve all failed point of sale (POS) and online/web transactions within 72 hours.