CBN recovers N5bn for bank customers

AS part of its dispute resolution mechanism, the Central Bank of Nigeria (CBN) has, so far, recovered over N5 billion for bank customers.The CBN Deputy Governor, Operations, Mr Tunde Lemo, who made this disclosure at a workshop on Payment Card Industry Data Security Standards (PCIDSS) and Cash-less Nigeria, organised by the CBN and Phillips Consulting in Lagos, on Thursday, pointed out that the said amount of money was recovered for customers who had complained of excessive charges and fraud related cases. He explained that apart from setting up a full-fledged department to enhance consumer protection, the CBN had also instructed banks to set up consumer compliant desks in their respective branches across the country.The deputy governor emphasised that the security of various electronic payment (e-payment) platforms to check frauds was paramount to the success of the recently introduced cash-less policy.He added that information experts had insisted that the e-payment channels were highly vulnerable to fraud, stressing that the apex bank, in collaboration with banks, telecoms companies and other stakeholders, was doing everything to fortify the various platforms.Part of the measures, he said, include the four bills currently awaiting passage by the National Assembly; unique identification across the country and e-fraud forum, consisting of major stakeholders in the e-payment process, urging participants to evolve strategies and control to check fraudsters.
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