CBN Warns Bank Customers Against Keeping Mistaken Transfers, Cites Possible Jail Terms
The Central Bank of Nigeria (CBN) has warned bank customers against knowingly retaining funds mistakenly transferred into their accounts, cautioning that such actions could attract criminal penalties, including imprisonment.
CBN Governor Olayemi Cardoso issued the warning through the bank’s spokesperson, Hakama Sidi Ali, during a stakeholders’ meeting under the CBN Listens Programme in Ibadan, Oyo State, on Thursday.
Cardoso said customers who knowingly refuse to return money wrongly credited to their accounts could face legal consequences. He also urged Nigerians to protect their personal and banking information and avoid sharing sensitive details with fraudsters.
The governor explained that the CBN Listens Programme was established to provide a platform for direct engagement with stakeholders, clarify misconceptions about the bank’s policies and gather feedback to improve the financial system.
He said the programme enables the apex bank to better understand challenges affecting individuals, businesses and financial institutions while strengthening public confidence in the banking sector.
Cardoso also reminded customers of their right to seek redress when banks fail to resolve complaints within the stipulated timelines.
He advised customers to escalate unresolved complaints to the CBN’s Consumer Protection and Financial Inclusion Department if their banks fail to acknowledge complaints within three days or do not resolve them within the timelines prescribed by the bank’s Consumer Protection Regulations.
The CBN has separately advised customers to report erroneous credits to their banks promptly so that the transactions can be investigated and corrected through official procedures.
CBN Warns Bank Customers Against Keeping Mistaken Transfers, Cites Possible Jail Terms