THE financial sector, especially the banking services system, reflects the moral compass of any economy. Where the integrity of this compass is compromised the entire economic system is in great danger.
This is the vibe that confronts the discerning observer of recent developments in the banking industry statistics on its fiduciary responsibilities; in particular, the safety of depositors’ money.
Some recent reports say the banks in Nigeria refunded N23 billion to their customers between January and November 2018, against the backdrop of about 2.75 million complaints on illegal deductions through excess charges, frauds and electronic payment errors.
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The Consumer Protection Department, CPD, of the Central Bank of Nigeria ,CBN, which disclosed this in its report for the period also indicated that the banks resolved 1.97 million or 71 per cent of the total complaints from where they refunded…
