The Central Bank of Nigeria has put banks’ refunds to customers as of November 30, at N76.75 billion and $20.90 million.
“Cumulative number of complaints against other financial institutions that were resolved or closed from 2012 to the end of November 2019 is about 257. Alada, however, called on bank customers to report any financially-related complaints to the CBN anytime they were dissatisfied with responses from their banks.Meanwhile, the Managing Director of Stanbic IBTC Bank Limited, Dr. Demola Sogunle, has predicted that the banking sector credit would hit N28 trillion by the end of the year, up from the N16 trillion at the end of September 2019.
Banks’ Capital Adequacy Ratio and non-performing loans ratios have been trending in the right direction, with industry NPL presently at 6.6 per cent and CAR at 17.2 per cent. Lore said while credit reporting had improved access to credit, there was the need to build confidence and further increase lending to SMEs, noting that Nigeria is still behind in many areas compared to its peers.
We hope that this register of customers, how much was refunded, the banks involved and the reason for refund can also be made available for verification.
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