Central Bank of Nigeria (CBN) announces the successful recovery of over N15 billion and $22 million from Deposit Money Banks (DMBs) due to various complaints, including failed transactions and illegal deductions. Dr. Isa Abdulmumin, the Director of Corporate Communications Department, disclosed this during the ‘CBN Fair: Promoting Alternative Payment Channels as Tools for Financial Inclusion’ event in Ado-Ekiti.
The funds were refunded based on 33,437 complaints lodged by customers across the country, highlighting the CBN’s commitment to protecting the rights of financial consumers. The recovery initiative aims to boost consumer confidence in financial services and foster financial stability and growth.
Stakeholders from different sectors, including agriculture, business, education, and youth, attended the event. Several papers were presented on topics such as consumer protection, financial markets, currency operations, payment system management, and the e-Naira platform.
CBN spokesperson emphasized that the recovery efforts address various issues faced by customers, including excess charges, fraudulent debits, and other complaints. The CBN’s continuous support to small and medium enterprises and interventions in critical sectors of the economy underscores its commitment to the nation’s economic growth and development.
Participants were encouraged to embrace modern payment infrastructures to streamline business transactions and take advantage of the bank’s initiatives to advance the economy. The CBN remains dedicated to ensuring monetary and price stability while implementing proactive and innovative policies to support all economic sub-sectors, including agriculture, health, and manufacturing.
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Reporting by Godwin Okafor, The Naija247news in Lagos, Nigeria.
