The Central Bank of Nigeria made refunds of the total N60 billion of commercial banks to their customers on March 31, 2018 through the intervention of the consumer protection department. CBN Department of Payment Systems director Dipo Fatokun told the Meet the Executive forum organized by the Association of Finance Correspondents Association of Nigeria (FICAN) in Lagos at the end of the week. Fatokun, which states that the recovery also includes $ 18 million, 26,000 euros and 6000 British pound, said that the resolution will help build more confidence in the payment system and bring more people to net financial services. With the advancement of its statutory responsibility to uphold the financial system's confidence, CBN has had years of implementation of a consumer protection measure largely in the form of customer complaint management. The apex bank also commissioned all commercial banks to resolve disputes arising from the use of Unstructured Supplementary Service Data (USSD) within three days. Fatokun, represented by the Assistant Director, Banking and System Payment System, Taiwo Oladimeji, said the highest USSD transaction limit remained N100,000 per customer per day, and added any above value it is necessary for the customer to impose bankruptcy.
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