Banks refund N7.05bn, $714,569 to customers – CBN

The Central Bank of Nigeria has revealed that banks operating in the country have refunded about N7.05bn and $714,569.03 to customers following its intervention.

This was disclosed on Tuesday in the apex bank’s monthly bulletin, CBN UPDATE September Special Edition published on its website.

Sharing the scorecard for the first anniversary of Olayemi Cardoso’s assumption of office as the governor of the Central Bank, it was stated that while carrying out their other duties, “Cardoso and his team have also focused on protecting customer rights.”

It noted, “In just one year, they have addressed 19,988 customer complaints within eight months. Of these, 15,306 complaints—representing 76.58 per cent—were successfully resolved.
“During this time, the bank facilitated refunds totalling approximately N7.05bn and $714,569.03 to customers in disputes with financial service providers, underscoring its commitment to fair treatment. The CBN has also rigorously enforced sanctions to ensure compliance, deter unethical behaviour, and enhance transparency within the financial sector.”

President Bola Tinubu in September 2023 approved the nomination of Cardoso as the new Governor of the Central Bank of Nigeria for a term of five years at the first instance, pending his confirmation by the Senate.

On the greylisting of Nigeria by the Financial Action Task Force earlier in 2023, the CBN said that from October 2023 to September 2024, it had intensified its anti-money laundering, combating the financing of terrorism and cybersecurity measures.
“It enhanced supervision and conducted spot checks on Nigerian banks and their foreign subsidiaries to expedite Nigeria’s removal from the Financial Action Task Force (FATF) Grey List. These efforts aim to create a more secure investment environment, attract foreign investment, and bolster Nigeria’s global financial reputation,” the bulletin highlighted.

In the first year of the Cardoso-led CBN, the bank unveiled new minimum capital requirements for banks.

The minimum capital base for commercial banks with international authorisation was set at N500bn, while those with national authorisation were set at N200bn.
The new requirement for regional banks was pegged at N50bn.

In the past year, the apex bank has also approved the licence of one bank to operate as a non-operating financial holding company while another transitioned from a merchant bank to a national commercial bank.

Additionally, two banks received approvals in principle for regional commercial licences and one for regional non-interest banking.

In the microfinance sector, 16 new banks were licensed, while 53 previously revoked microfinance bank licences were reinstated.
The CBN also approved five new finance companies.

However, concerted efforts to curtail inflation, which was triggered by an excessive money supply through monetary tightening measures have yet to yield sustained fruits.

To curb high inflation levels, the CBN has taken an aggressive stance since Cardoso’s maiden Monetary Policy Committee meeting in February 2024, raising the monetary policy rate consecutively.

After six consecutive rate hikes, the country’s inflation decelerated for the first time in 19 months in July and August 2024.

However, the National Bureau of Statistics data released on Tuesday showed that inflation rose to 32.70 per cent from 32.15 per cent in August.