Breaking: CBN refunds Nigerians N115 billion of failed bank transactions

Central Bank of Nigeria (CBN) has confirmed receiving 35,453 failed bank transactions and resolving 33,437 issues, even as N115.45 billion had been refunded.

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

He encouraged farmer associations to embrace the financial institution’s e-Naira policy.

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.