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AfricCon Blogspot Covered - The Central Bank of Nigeria (CBN) yesterday said it has recovered over N9billion excess charges deducted from customers’ accounts by commercial banks across the country in the last one year.
The apex bank also expressed its readiness to assist Nigerians in developing robust confidence in financial institutions towards ensuring a more vibrant economy for the country.
AfricCon Blogspot Covered - The Central Bank of Nigeria (CBN) yesterday said it has recovered over N9billion excess charges deducted from customers’ accounts by commercial banks across the country in the last one year.
The apex bank also expressed its readiness to assist Nigerians in developing robust confidence in financial institutions towards ensuring a more vibrant economy for the country.
The CBN Controller in Abeokuta, the Ogun State capital, Mr. Olumuyiwa Ojoawo, who spoke at the first consumer sensitisation forum/workshop organised by the CBN Consumer Protection Department, said the apex bank was committed to educating members of the public on their rights and privileges in the banking sector.
He stated that the CBN recently reviewed and published a new guide to bank charges which took effect in April.
Ojoawo noted that the recovery of excess charges from banks was in pursuance of CBN consumer protection mandate.
He said, “The CBN, knowing fully well that an educated consumer is an asset to the economy has taken the initiative to promote the financial knowledge of the public.
“It is worthy of note that within the last one year, in pursuance of Consumer Protection mandate, the CBN was, through the department able to assist consumers to recover over N9 billion excess charges by banks.
“Thus the public confidence and consumer trust in the economy is being entrenched. Certainly this would result in a more vibrant and successful economy and therefore more prosperity for all in Nigeria.”
In his address, the CBN Deputy Governor (Financial System Stability), Dr Kingsley Moghalu, said the programme was in furtherance of the National Financial Inclusion Strategy which prioritised financial literacy.
He lamented that a huge percentage of the money in circulation was not captured by the formal financial system due to ignorance of financial products by many Nigerians.
“This is not good for the nation’s economic growth. It negates the efforts of the government towards the Financial System Strategy (FSS) 2020 programme which aims at developing Nigeria’s financial system into becoming a major international financial centre by year 2020,” he said.
