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CBN Goes Tough On Banks, Slams N2m Fine For Arbitrary Charges

 

The Central Bank of Nigeria (CBN) has requested banks and different monetary establishments to stick strictly to the Guide to Bank Charges directives or face a penalty of N2 million per infraction.

The apex financial institution had on Sunday, issued a 76-page round to all banks, monetary and non-bank monetary establishments on the applying of costs supplied to clients.

According to the CBN, the revised information to costs by banks will take impact on January 1, 2019.

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To guard in opposition to extra, unapproved or arbitrary costs, the apex financial institution in a tweet, restated the penalty for banks who fail to adjust to the directives.

“To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Guide to Bank Charges stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide.”

It said that one other N2 million day by day penalty will probably be charged on erring banks in the event that they fail to adjust to the sooner sanction.

“The guide also emphasizes that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.

“In order to ensure that banks actually attend to every customer’s complaints, CBN has directed banks to log every complaint received from their customers into the Consumer Complaints Management System (CCMS) in addition to generating a unique reference code for each complaint lodged, which must be given to the customer.

“CBN has also warned that failure to log and provide the code to the customer will amount to a breach and is sanctionable with a penalty of N1,000,000 per breach,” it added.

 

A Thread

To guard in opposition to extra, unapproved or arbitrary costs by banks and different monetary establishments, the Guide to Bank Charges stipulates a penalty of N2,000,000 per infraction

— Central Bank of Nigeria (@cenbank) December 24, 2019

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