See How Much Banks Have Refunded To Unhappy Customers
This one appears to be new - banks returning money to displeased customers.
At least that's what the Central Bank of Nigeria, CBN is saying.
According to the CBN, Nigerian banks have returned huge sums of money in different currencies to some disgruntled depositors after they (banks) were reported to the regulator for various irregularities.
The apex bank said its intervention in about 13,715 complaints brought before it, which were resolved by its Consumer Protection Department led to the return of 66.5 billion naira, $18.5 million, €26,319 and £9,085 to the complainants.
The CBN noted that consumer protection was a critical requirement for financial system stability and an indispensable component for effective regulatory and supervisory framework.
It added that the attainment of a sound financial system in Nigeria was to a large extent, predicated on an effective consumer protection regime, and that ceaseless vigilance and study were critical for effective market conduct regulation.
While mentioning the importance of consumer protection in the financial system, the regulator added that it helped to increase trust and confidence, as it was critical in an environment of constantly evolving complex disruptive technologies and vulnerabilities.
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