Deposit Money Banks Pay N2.7 Billion as Customers Complaints Rise by 34%

Nigeria’s Deposit Money Banks (DMBs) refunded banks’ customers N2.67 billion in the first half of 2020, according to the latest findings.

This represents a 63 percent decline when compared to the N7.2 billion refunded in the same period of 2019.

A breakdown shows “Bank received 2,051 complaints from consumers of financial services providers in the first half of 2020, compared with 1,528 complaints in the corresponding period of 2019. Of the total 1,167 or 56.9 percent were complaints on electronic/card, while 125 or 6.1 percent were on excess charges. Other complaints were, mainly, on frauds, dishonoured guarantees and unauthorised deductions/transfers, among others.

“A total of 1,519 complaints, including those outstanding from 2019, were resolved in the review period, compared with 1,548 in the corresponding period of 2019. Total claims in the review period in local currency and foreign currencies amounted to N4.58 billion and $151,647.82, compared with N8.70 billion and $315,475.54, respectively, in the corresponding period of 2019.

“Relief was brought to many of the affected customers as the sums of N2.67 billion and $144,176.68 were refunded in the first half of 2020, compared with the N7.20 billion and $315,229.02, refunded in the corresponding period of 2019.”