EXCESS CHARGES, OTHERS: Banks refund N23bn, $2.3m to customers

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Banks refunded N23 billion  to their customers in eleven months to November 2018, at the backdrop of about 2.75 million complaints against illegal and unauthorised deductions through excess charges, frauds and electronic payment errors.

Meanwhile, Vanguard investigations revealed a downward trend in the number of customers’ complaints and the amount refunded from January to November 2018.

The Consumer Protection Department of the Central Bank of Nigeria (CBN) which disclosed this in its report for the period also indicated that the banks resolved   1.97 million or 71 percent of the   total complaints and from where they refunded N23.13 billion, $2.32 million, Euro 11, 355, and £49,243 to the affected customers.

Analysis showed that electronic payment related complaints accounted for 2.27 million complaints representing 80 percent of total complaints.   It was followed by fraud related complaints which accounted for 50,555 while complaints relating to excess/unauthorised charges stood at 26,332

Declining Trend

Further analysis of the report, however, revealed a downward trend in the number of complaints from bank customers as well as amount of money refunded by banks. Average number of complaints per month dropped to 186, 000 in Q4’18 (October and November) from 216,000 in Q1’18, 246,000 in Q2’18 and 268,000 in Q3’18.

Average number of complaints per month related to excess/unauthorised charges dropped to 1,564 in Q4’18, from 2,929 in Q1’18, 2,510 in Q2’18 and 2,296 in Q3’18.

Similarly, average number of monthly complaints relating to fraud dropped to 3,681 in Q4’18 from 4,132 in Q1’18, 3,859 in Q2’18, and 8,860 in Q3’18. Furthermore, average number sundry complaints per month fell to 30,461 in Q4’18 from 43,149 and 37,745 in Q2’18 and Q3’18 respectively.

However, average number of electronic payment related complaints rose 244,000 in Q4’18 from 180,000 in Q1’18, 196,000 in Q2’18 and 219,000 in Q3’18.

 

Source: VANGUARD

GTI

GTI is a leading Nigerian Investment Banking group with proven expertise in Financial advisory, Securities Dealing (Fixed Income and Equities), Asset management and Deal Origination. We have strong capacity in financial service delivery.

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