- The CBN is working with commercial banks to review excessive transaction alerts and multiple debit notifications
- CBN Governor Olayemi Cardoso explains that work is being done to improve complaint resolution
- The apex bank also clarified that the N50 stamp duty charge on customers’ accounts is not a bank fee
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerians may soon enjoy relief from excessive bank charges and multiple debit alerts as the Central Bank of Nigeria (CBN) announced plans to review transaction-related fees imposed by commercial banks.
The decision followed a rise in complaints from bank customers about confusing debit alerts and multiple deductions.
Photo: cenbank
Source: Twitter
Review of bank charges
Olayemi Cardoso, Governor of CBN, revealed this at a press conference after the 305th MPC meeting on Wednesday, May 20, in Abuja.
According to him, one key issue being examined is the “multiplicity” of bank alerts sent to customers.
He said the apex bank has created a quarterly framework of engagements with its consumer protection department, DMBs, and the top 10 Microfinance Banks to tackle pending customer complaints and better banking services.
Cardoso described the review as a “work in progress” and hinted that recommendations were expected from the MPC to simplify customer alerts and boost transparency.
The Governor said the CBN’s consumer protection department has been consistent in engaging with banks to strengthen the framework on complaint resolution.
He said:
“Banks typically send multiple alerts and notifications for customer transactions. He suggested these messages could be consolidated so customers can easily understand what each debit is for, instead of receiving many separate notifications that cause confusion.”
Stamp duty is not a bank charge
The CBN governor also explained that the N50 stamp duty deduction is not a bank-imposed charge. He said the levy originates from tax authorities, while banks only collect and remit it to the appropriate government account.
He added that customers who believe they have been wrongly charged should first contact their bank, and if the issue is not resolved, escalate it to the CBN’s consumer protection department.
Photo: AFP
Source: Getty Images
Cardoso also said the CBN had strengthened its compliance function to monitor market conduct and conduct risk across banks.
He said the apex bank was reviewing how deposit money banks handle complaints, compensate affected customers and manage customer-related risks.
He said”
“We want to ensure that continuously, we are making reviews of the framework that the different deposit money banks use.”
He added that the CBN was looking at both “compliance and customer experience” to minimise recurring complaints in the banking system.
CBN issues instructions to banks on failed mobile, ATM transactions
Earlier, Legit.ng reported that the Central Bank of Nigeria has directed banks and other financial institutions to begin submitting monthly reports on failed electronic transactions across all digital platforms.
Failed transactions are to be submitted to designated CBN email addresses, reinforcing the apex bank’s push to improve transparency and ensure closer monitoring of recurring service failures that have long frustrated customers.
A major highlight of the new framework is the introduction of caps on several banking charges, alongside stricter disclosure requirements.
Source: Legit.ng