The Central Bank of Nigeria has revealed that it has received reports of 35,453 failed bank transactions and have been able to resolve 33,437 of these issues.
Additionally, a total of N115.45 billion had been refunded to affected individuals.
Mr. Elachi Samuel from the Consumer Protection Department revealed this during a fair organized by the Central Bank of Nigeria (CBN) to educate stakeholders and farmers about alternative payment channels for enhanced financial inclusion.
In line with promoting financial inclusion, Mr. Samuel encouraged farmer associations to adopt the CBN’s e-Naira policy, which aims to facilitate electronic transactions and digital payments within the agricultural sector.
Samuel, who spoke on the rights and responsibilities of financial consumers, particularly in chosen banks’ products, resolving failed bank transactions and disclosure of details, noted: “It is within your right to receive transaction history on your mail to know how much you’re being charged. This will allow you to know that you’re not shortchanged and 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 have received 35,453 complaints. We resolved 33,437.”
In his remarks, Deputy Senate President, Jibrin Barau, who observed that concession is the fad globally, canvassed investigation of the entire process.
