CBN to Streamline Bank Alerts and Resolve Charge Confusion

The Central Bank of Nigeria and commercial banks are reviewing the volume of transaction alerts sent to customers. CBN Governor Olayemi Cardoso said many customers get multiple debit notifications for one transaction. This causes confusion over charges. A quarterly meeting will now bring together the CBN’s consumer protection team, commercial banks, and top microfinance banks. The aim is to resolve complaints faster and improve service quality. One focus is combining or simplifying alerts so that each debit is clearly labeled. On the N50 stamp duty, the governor clarified it is imposed by tax authorities. Banks only collect it on behalf of the government. Customers who spot incorrect charges should first complain to their bank. Unresolved cases can be escalated to the CBN’s consumer protection department. The CBN has strengthened monitoring to ensure banks handle complaints properly and compensate customers when needed. It is also reviewing rules on charges and dispute resolution. Plans for final solutions will be announced soon.

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