Wrong bank charges: How Nigerians can request refunds and escalate to CBN

Nigerian bank customers who notice unauthorised or incorrect deductions can challenge the charges and ask their bank for a refund. The Central Bank of Nigeria provides a complaints process for customers who cannot resolve disputed deductions with their bank.

The deductions may appear as transfer fees, account maintenance charges, duplicate payments or transactions the customer does not recognise. Some charges are legitimate, but customers have the right to ask their bank to explain disputed deductions and correct errors.

Check your statement and identify the charge

The first step is to establish exactly how much was deducted, when it happened and how the transaction appeared on your account statement. Check your banking app, transaction history, SMS alerts and account statement for the transaction description. Compare the deduction with any transfer, payment or service you used around the same time.

Common issues worth investigating include duplicate deductions, unexplained fees, incorrect charges and transactions you did not authorise. Do not assume every unfamiliar deduction is unlawful. Some charges may be legitimate fees for services, taxes or other applicable obligations. The CBN publishes a Guide to Charges by Banks and Other Financial Institutions, which customers can consult when checking disputed charges.

Contact your bank and request a refund

After identifying the disputed transaction, contact your bank through its official customer service channels or visit a branch to lodge a complaint. Explain the deduction, provide the transaction date and amount, and ask the bank to explain the basis for the charge. If you believe it was wrongly applied, explicitly request a reversal or refund.

Where possible, submit your complaint in writing and keep a copy. Include relevant transaction alerts or statement extracts as supporting evidence. The CBN advises customers to approach their financial institution first and give it an opportunity to resolve the complaint. Customers should also request an acknowledgement and complaint reference number, which can help them track the case and support any subsequent escalation.

Escalate to the CBN if the bank fails to resolve it

If your bank does not resolve the issue within the applicable timeframe, you can escalate the complaint to the CBN Consumer Protection Department. The CBN's published guidance states that complaints involving excess charges and loans are subject to a resolution period of up to 30 days under the relevant guidance. Other complaints may have different applicable timelines.

Customers can submit complaints through the CBN's official complaint-lodgement page or email the Consumer Protection Department at [email protected]. When escalating, provide your name and contact details, the name of your bank, the transaction date, the disputed amount, supporting documents and evidence that you first complained to the bank. Do not include your ATM PIN, banking password or other confidential authentication details in your complaint.

The CBN can review eligible complaints involving institutions under its supervision and take appropriate action where a claim is established. Recovering the money depends on the findings of the investigation. Customers should keep their records, follow up on their complaints and avoid assuming that every bank deduction qualifies for a refund.