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CBN Recovers N50bn Excessive Charges From Banks

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The Central Bank of Nigeria (CBN) has recovered over N50 billion excess charges in an attempt to ensure Deposit Money Banks (DMBs) play by the rules.

According to reports, some banks have consistently over-charged their customers for services provided, despite CBN’s repeated warnings against the practice.

The acting Director, Corporate Communications of the apex bank, Isaac Okoroafor, said at the on-going Abuja International Trade Fair, on Wednesday, that excess charges must be stopped as the practice wi against the campaign for banking inclusion and fair deal.

He urged the banking public to promptly report incidences of excessive charges, when discovered, to the Consumer Protection Department of the CBN for action.

The CBN, he said, has established the necessary mechanism to reverse every form of unwholesome practice by DMBs.

Speaking on the Anchor Borrowers Programme (AB), Okoroafor revealed that N43.92 billion has been given to farmers across the country.

He disclosed that over 200,000 smallholder farmers from 29 states have benefited from the programme in which participants are not only given loans but also matched with off-takers to buy their produce.



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