By Ginika Okoye
Lagos, Sept. 27, 2024 (NAN) — The Central Bank of Nigeria (CBN) has revealed that over 60% of bank customers do not fully understand the products they subscribe to, leading to an increase in complaints. Mohammed Muazu, Head of the Complaints Management Division in the Consumer Protection Department, made this statement during a workshop for the Financial Correspondents Association of Nigeria (FICAN) organized by the Nigeria Deposit Insurance Corporation (NDIC) in Lagos on Friday.
Muazu highlighted that many customers often buy into bank products without comprehending their terms and conditions, which contributes to the rising number of grievances directed at the CBN.
“It is essential for customers to understand any bank product before subscribing. You have the right to know the details of any financial product a bank offers you,” he emphasized.
He cited the various types of Automated Teller Machine (ATM) cards, urging customers to familiarize themselves with the specific card offered by their bank.
In addressing the issue of persistent bank charges, Muazu encouraged customers to consult the CBN’s guide on bank charges to understand what they should be charged for transactions. He also advised customers to regularly review their online bank statements for discrepancies between actual charges and CBN guidelines.
During his presentation titled “Nigerian Banking Consumer Protection: The Roles of the Media,” Muazu underscored the importance of consumer protection in fostering trust within the financial system. He asserted that effective media engagement can significantly bolster consumer protection by holding financial institutions accountable, educating the public, and prompting regulatory action.
Muazu outlined the positive effects of responsible media reporting on banking consumer protection, including increased public trust, accountability from financial institutions, consumer empowerment, and enhanced transparency within the financial sector.
