‘Don’t Let Your Bank Cheat You, You Have Right To Report To Us’ – CBN Tells Nigerians

The Central Bank of Nigeria (CBN) says financial consumers have the right to report their banks over unresolved failed transactions.

Elachi Samuel of the Consumer Protection Department disclosed this in Bauchi State during the apex bank’s fair to enlighten stakeholders and farmers on alternative payment channels to deepen financial inclusion.

On the rights and responsibilities of financial consumers, he said: “It is within your right to receive transaction history on your mail to know how much you are being charged.

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“This will allow you to know that you’re not shortchanged or cheated. Financial consumers must know that they have the right to report their banks to the CBN over unresolved failed transactions.

“If you report the problem to us, we will look at the issues and ensure that we do justice. Between May 20, 2013, and May 20, 2023, we were able to refund N115.45 billion of failed bank transactions. We received 35,453 complaints. We resolved 33,437.”