How to Dispute Unauthorised Bank Charges and Recover Your Money in Nigeria
- Nigerians who notice unauthorised or incorrect bank charges can contact their bank and request a refund
- They should provide transaction details and keep evidence of their complaint
- If the bank fails to resolve the issue within the applicable timeframe, they can escalate the complaint to the CBN
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Nigerian bank customers who notice unexplained deductions from their accounts can challenge the charges and request a refund if the money was wrongly taken.
The deductions may appear as transfer fees, account maintenance charges, duplicate payments or other transactions that customers do not recognise.
Source: UGC
While some bank charges are legitimate, customers have the right to ask their financial institutions to explain disputed deductions and correct errors.
The Central Bank of Nigeria (CBN) provides a formal complaints process for customers who have issues with banks and other financial institutions under its regulatory supervision.
Here are the steps to take if you believe your bank has wrongly deducted money from your account.
1. Check your bank statement and identify the disputed 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.
However, 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.
2. 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 retain 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.
3. Escalate the complaint 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's 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 cpd@cbn.gov.ng.
When escalating the matter, 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.
Ultimately, recovering the money depends on the findings of the investigation. Customers should therefore keep their records, follow up on their complaints and avoid assuming that every bank deduction qualifies for a refund.
Source: Legit.ng
