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CBN Refunds N2.7Bn to Customers, Resolves 1,519 Complaints

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Central Bank of Nigeria (CBN) refunded N2.7 billion to the customers and resolved 1,519 banks’ transaction complaints from January to June this year.

CBN Refunds N2.7Bn to Customers, Resolves 1,519 Complaints

Mr Haruna Mustafa of the Consumer Protection Department of CBN revealed this at the 2020 workshop for Finance Correspondents Association of Nigeria (FICAN) in Lagos.

Giving the breakdown, he said the apex bank received 2,051 complaints bordering on frauds, ATM card, electronic transactions and excess charges from bank customers, from which the 1,519 complaints were resolved.

Mustafa who was represented by Mr Abubakar Albasu, of the department, said the bank then resolved 1,519 of the complaints, refunded N2.7bn and over $144 million.

He said a lot of fraudulent activities in the banks were being perpetrated by employees (insiders).

The CBN official called for the development of a definitive fraud policy to deter mistakes that could lead to employees aiding in fraud, along with fraud prevention strategies.

He said that low financial literacy level was a challenge to effective consumer protection.

“COVID-19 has indeed brought us into an era of a `new normal’ which is continuously affecting the way we do things including banking and other financial services.

“Financial technology (fintech) is no doubt the way forward. However, policy makers, regulators and indeed entities that are interested in consumer welfare must make concerted and coordinated efforts at minimising the risks that fintech pose to consumers.

“We must invest in research to enable more and better understanding of fintech as we strive to promote innovation.”

Mr Bashir Nuhu, director of Communication and Public Affairs Department at the Nigerian Deposit Insurance Corporation (NDIC), urged banks to properly screen their employees to be sure of their identity before employment.

 

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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