The Central Bank of Nigeria (CBN) recently disclosed that banks operating in the country have refunded approximately N7.05 billion and $714,569.03 to customers following its intervention.
This information was revealed in the apex bank’s monthly bulletin, CBN UPDATE September Special Edition, published on its website.
The bulletin states,
“In just one year, [Governor Olayemi Cardoso and his team] have addressed 19,988 customer complaints within eight months. Of these, 15,306 complaints—representing 76.58 per cent—were successfully resolved.”
The bulletin further noted, “During this time, the bank facilitated refunds totalling approximately N7.05bn and $714,569.03 to customers in disputes with financial service providers, underscoring its commitment to fair treatment.”
Governor Olayemi Cardoso, who marked his first anniversary in office, has focused on protecting customer rights. President Bola Tinubu approved Cardoso’s nomination as the new Governor of the Central Bank of Nigeria in September 2023.
Regarding Nigeria’s greylisting by the Financial Action Task Force, the CBN stated that from October 2023 to September 2024, it intensified anti-money laundering, combating the financing of terrorism, and cybersecurity measures.
“It enhanced supervision and conducted spot checks on Nigerian banks and their foreign subsidiaries to expedite Nigeria’s removal from the Financial Action Task Force (FATF) Grey List,” the bulletin highlighted.
Other key achievements under Cardoso’s leadership include unveiling new minimum capital requirements for banks. Commercial banks with international authorization now require N500 billion, while those with national authorization require N200 billion. Regional banks require N50 billion.
The apex bank also approved licenses for new financial institutions, including one non-operating financial holding company and one national commercial bank. Additionally, two banks received approvals in principle for regional commercial licenses and one for regional non-interest banking.
In the microfinance sector, 16 new banks were licensed, while 53 previously revoked microfinance bank licenses were reinstated. The CBN also approved five new finance companies.
However, efforts to curb inflation have yet to yield sustained results.
Despite aggressive monetary tightening measures, inflation rose to 32.70 percent in September, up from 32.15 percent in August, according to the National Bureau of Statistics data released recently.
