CBN RECOVERS N8.6BN EXCESS BANK CHARGES

The Central Bank of Nigeria on Monday said it had recovered N8.6bn as excess charges fraudulently collected from customers by Deposit Money Banks.
The amount was recovered between May 29, 2012, when the Consumer Protection Department was created to protect the interest of consumers, and March 31 this year.
The Deputy Director, Consumer Protection Department, CBN, Mrs. Umma Dutse, made the disclosure during a chat with journalists in Abuja.
She said within the period, the central bank had received about 2,800 complaints bearing on excess charges, conversion and frauds, adding that some of the banks had been given the mandatory N2m fine.
The department was created with a view to promoting consumer confidence in the banking industry. Its role also includes advocacy, enlightenment, education and promotion of awareness among consumers in the industry.

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