The Central Bank of Nigeria (CBN) has warned Nigerians that keeping money mistakenly credited to their bank accounts could attract between five and 10 years' imprisonment. The warning was issued by CBN Governor Olayemi Cardoso on Thursday at a stakeholders' meeting held at the Jogor Event Centre in Ibadan, Oyo State, under the bank's CBN Listens Programme.
Cardoso's Warning on Unreturned Funds
Cardoso, who was represented by Hakama Sidi Ali, stated: "A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years' imprisonment." He added that obtaining another person's bank account information through fraudulent means also attracts severe penalties, urging customers to protect their personal information and remain vigilant against financial fraud.
CBN Outlines Complaint Escalation Steps
Cardoso also outlined steps customers can take when banks fail to address their complaints within required timelines, as reported by Punch. He said customers could escalate complaints to the Director of the CBN's Consumer Protection and Financial Inclusion Department if their banks failed to acknowledge them within three days. Customers could also use their complaint tracking numbers to escalate unresolved cases when banks failed to resolve them within the timelines stipulated by the Consumer Protection Regulation.
Financial System Reforms Highlighted
The meeting, themed "Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth," provided an opportunity for the CBN to engage customers and other stakeholders, explain its policies, and receive feedback on issues affecting individuals and businesses.
Cardoso highlighted several initiatives aimed at strengthening Nigeria's financial system, including the non-resident Bank Verification Number (BVN) for Nigerians living abroad and the Nigerian Payments System Vision 2028. He also cited the 75% cash reserve ratio on non-Treasury Single Account public sector deposits and the introduction of the Nigerian Overnight Financial Rate in collaboration with the Financial Markets Dealers Association.
According to the governor, these measures are designed to improve liquidity management, promote transparency, and reduce risks in the financial system. He said the CBN would continue working with banks, fintech companies, mobile money operators, development partners, and state governments to expand access to financial services, particularly among underserved communities.
In a related development, Sterling Bank has announced it will no longer charge its customers personal account maintenance fees. The announcement was made on Wednesday, October 1, just six months after the bank scrapped transfer fees on local online transactions for customers. This monthly fee is charged on current accounts based on the level of customer-induced debit transactions that occur during the month.
