GTBank Refunded NGN184 Million To Customers In Six Months


As a matter of disclosure, GTBank said in its half year reports that it did refunded about NGN184 million to its customers after their complaints were investigated and authenticated.

The move is in line with the bank’s policy of ‘treating customer fairly’. The Central Bank of Nigeria, CBN, requires all bank to provide periodic reports to the Central Bank of Nigeria (CBN) in line with the CBN’s guidelines on resolution of customers’ complaints.

Within 2015 half year, GTBank refunded NGN161 million. The latest figures shows that refunds has increased by 14.2%.

GTBank said it treats complaints by ‘implementing and maintaining a robust Complaints management process/platform. To further improve our services, periodic reviews of the complaints/feedback received are carried out including a root cause analysis, which is conducted, analysed and feedback forwarded to relevant stakeholders for learning purposes and prevention of reoccurrence of identified issues/complaints.

However, unresolved complaints increased to NGN929,6 million for the first half of this year from NGN876 million. The bank also refunded foreign currencies to customers with resolved complaints amounting to USD55,784, GBP888 and EUR17,190.

According to the bank. Some of the outstanding complaints also include complaints on excess charges, complaints on loan and facilities availed by the Bank.

However, Majority of the outstanding complaints as at June 30, 2016 also constitute unauthorised International card transaction that are yet to be resolved by International card operators and International dispense errors (which requires a minimum of 45 working days for investigation and resolution).

Nigeria is currently besieged by email fraudsters both local and foreign cybercriminals who are stealing customer funds without the knowledge of banks.

However, last report by the NeFF said ePayment fraud was cut by 65% in 2015.


Leave a Reply

Your email address will not be published. Required fields are marked *