CBN Governor, Yemi Cardoso
Central Bank of Nigeria (CBN) and commercial banks are reviewing the high volume of transaction alerts sent to customers and complaints about bank charges, CBN Governor Olayemi Cardoso said on Wednesday.
Speaking after the 305th Monetary Policy Committee meeting in Abuja, Cardoso said many customers are confused by receiving multiple debit alerts for a single transaction.
To address the issue, the CBN has set up a quarterly meeting system involving its consumer protection team, commercial banks, and the top 10 microfinance banks. The aim is to resolve complaints faster and improve service delivery.
Cardoso said one focus of the review is how banks send multiple notifications for one transaction. He noted that this often confuses customers and suggests that alerts should be simplified and combined so people can clearly see what each debit is for.
He added that the matter is still under review and solutions will be proposed soon.
On the N50 stamp duty charge, Cardoso clarified that it is not a bank charge. He explained that the fee comes from tax authorities, with banks only collecting and remitting it to the government.
He advised customers who notice incorrect charges to first contact their bank. If unresolved, they can escalate the case to the CBN’s consumer protection department.
Cardoso also said the CBN has strengthened its monitoring system to ensure banks handle complaints properly, compensate customers when required, and improve overall customer service.
The CBN is also reviewing how banks apply rules on charges and complaints to improve transparency and reduce recurring issues in the banking system.
