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‘CBN Has Recovered N6 billion from Excess Bank Charges’ – Sanusi

By on November 23, 2012

Central Bank Governor Mallam Lamido Sanusi  said yesterday that the Central Bank of Nigeria, has in its recovery plan on excess deductions and charges on customers recovered 6 billion naira.

It will be recalled that the CBN Governor had set reforms to guarantee an improved banking system, with firm regulations that monitors the operations of the banks, and also set in motion improved customer protection measures from any anomaly that may occur with the banks.

In an Address to the Enhancing Financial Innovation and Access (EFInA) forum, Governor Sanusi said consumer protection was critical to attracting the unbanked into the banking system.

Governor Sanusi said “We set up consumer protection in the CBN in 2010,in the last one year, we recovered about N6 billion Naira unjustified charges of banks on their customers. And that is a small percentage  of excess charges. We are requiring every bank to invest in consumer protection  because it is very critical. Until there is consumer protection, there will be no financial inclusion.”

This connotes the postulation of Noble Laurete and Proffessor of Economics  Joeseph Stiglitz that “The Banks must de designed to play fairly and ensure that the interest of the middle class and low income earners who constitute the majority of the population of nations across the world have their interest safeguarded”.

With this development it is expected a lot of unbanked Nigerians will become attracted to the financial system, bearing in mind that their transactions are guaranteed, the frustrated and agitated customers, will have cause to patronize the banks again.