By Sami Tunji
The Central Bank of Nigeria has said it received 2,432 complaints against financial institutions in the first six months of this year.
This was contained in the CBN Financial Stability June 2022 report published in December.
It noted that 2,261 complaints were made against banks, while 171 complaints were against other financial institutions.
According to the report, the majority of the complaints were on electronic/card issues, fraud and account management.
The report read in part, “The total number of complaints received against financial institutions in the period under review was 2,432, indicating a 2.05 per cent decrease from 2,483 in the second half of 2021. Out of the complaints received, 2,261 (93 per cent) were against banks and 171 (seven per cent) were against OFIs.
“Further analysis indicated that electronic/cards related complaints constituted the highest at 845 (34.75 per cent), followed by fraud with 697 (28.66 per cent); account management, 644 (26.48 per cent); excess charges, 115 (4.73 per cent); while others accounted for 131 (5.38 per cent).”
The report further stated that 1,399 complaints were resolved with refunds made and 1,321 complaints were closed.
“During the review period, a total of 1,399 complaints were resolved with refunds to the complainants, an increase of 63 (4.71 per cent) over the 1,336 recorded in the preceding period. Complaints closed increased by 226 (20.64 per cent) to 1,321, as against the 1,095 recorded in the preceding period. The resolved cases included outstanding complaints from the preceding period.”
In the report, it was also stated that total claims were about N8.13bn and $0.01m, while refunds made were about N3.36bn and $0.03m.
“Total claims in respect of the complaints stood at N8.13bn and $0.01m in the first half of 2022, compared with N15.88bn and $50.89m in the second half of 2021, while total refunds amounted to N3.36bn and $0.03m, compared with N6.04bn and $0.94m in the second half of 2021,” the report added.
It further noted that 10 penalties were placed on five financial institutions.
“A total of 10 penalties were imposed on five financial institutions for various infractions during the period under review, compared with 24 imposed on 11 financial institutions in the preceding period,” the report added.
The PUNCH reported recently that at least 6,047 Bank Verification Numbers of customers had been placed under the CBN watch list for fraudulent transactions.
Source: The Punch
