The Central Bank of Nigeria (CBN) will be conducting spot checks on on Automated Teller Machines (ATMs) and teller points in branches of Deposit Money Banks (DMBs). This is to enable the regulator tackle rising cases of counterfeit notes.
In a statement, the apex bank said its management has observed with concerns, incidences of counterfeits paid through some Deposit Money Banks (DMBs) ATMs/ teller points. The situation, the apex bank added, has continued unabated despite moral suasion to the affected banks.
It said the regulator will apply N1 million fine per bank branch that load counterfeit notes in ATMs / teller points.
The apex bank, has therefore, in collaboration with key currency management stakeholders developed banknote fitness guidelines and clean note policy documents for the industry.
“In order to sustain the confidence of the public in national currencies and ensure compliance with the provision of the policy documents, the apex bank has approved spot checks on DMBs ATMs and teller points to ensure compliance,” the statement said.
The regulator has also imposed penal fees of N1 million per branch of DMBs for non-compliance.
The apex bank had directed commercial lenders and other financial institutions to settle customers’ complaints on issues of excess charges, unauthorised deductions, among others within two weeks.
It assured that it will ensure that bank customers get a redress on issues of excess charges or unauthorised withdrawals.
It reiterated its commitment to eradicating excess and arbitrary charges.
According to the apex bank, it has since issued a circular which could be found on its website, showing all legitimate bank charges.
It said that any charge outside what is stated in the circular is not allowed.
The apex bank continually engages the banks to find out if their conduct and practices are fair to their customers in order to stimulate people’s confidence in the banking system.
Also, non-adherence to that normally results to regulatory sanctions, as the case may be.
According to the CBN, bank customers with unresolved complaints are to contact the CBN by writing to the Director Consumer Protection Department or send an email to cbd@cbn.gov.ng.
The regulator also advised dissatisfied bank customers to visit any branch of the CBN closest to them to make their complaints.
The apex bank also noted with concern, the rise in the number of complaints it receives from customers of financial institutions especially deposit money banks’ customers on various banking products and services.
The complaints range from allegation of excess charges, unauthorized deductions, other frivolous charges, frauds among others.
It advised banks and other financial institutions to adopt appropriate and effective mechanisms to address customers’ grievances, reduce the spate of customer complaints, enhance public confidence and customer satisfaction.
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