You have right to report your bank – CBN tells Nigerians

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

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

Speaking 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. 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.”