Business Briefings
CBN, Banks Move to Curb Excessive Customer Alerts, Charges
The Central Bank of Nigeria (CBN) and deposit money banks have begun a review of excessive transaction alerts and various bank charges following rising complaints from customers over unclear debit notifications and deductions.
CBN Governor, Olayemi Cardoso, disclosed this on Wednesday in Abuja during a briefing after the 305th meeting of the Monetary Policy Committee.
He said the apex bank has introduced a quarterly engagement mechanism involving its consumer protection department, deposit money banks, and the top 10 microfinance banks to resolve unresolved customer complaints and improve service delivery.
Cardoso explained that a major concern under review is the frequent and multiple alerts sent by banks for single transactions, which often leaves customers confused.
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According to him, efforts are underway to streamline and possibly consolidate transaction notifications so customers can clearly understand what each debit relates to.
He noted that the issue is still being worked on and that stakeholders are expected to develop practical solutions.
The CBN governor also said the consumer protection unit has intensified engagements with banks to strengthen complaint resolution processes and enhance overall customer experience.
On concerns about the N50 stamp duty deductions, Cardoso clarified that the charge is not imposed by banks but by tax authorities, with banks only serving as collection agents.
He advised customers with complaints to first report to their banks, escalate unresolved cases, and then approach the CBN’s consumer protection department if necessary.
Cardoso further stated that the apex bank has strengthened its compliance and market conduct framework to ensure better monitoring of how banks handle customer issues and complaints.
He added that the CBN is focused on improving both regulatory compliance and customer service standards to reduce recurring disputes in the banking sector.
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