Transaction Errors: 4.6million Clients Groan, Demand N137bn From Banks

Six Deposit Banks in Nigeria obtained 4,595,628 million complaints from their clients inside a interval of 1 yr with the entire quantity of refund being claimed hitting N137.62bn.

This was disclosed within the banks’ audited monetary stories for the yr 2022 filed with the Nigerian Inventory Change.

An evaluation of the monetary stories by our correspondent revealed that the banks’ over 4 million complaints have been separate from those carried ahead from the earlier monetary yr, 2021.

In comparison with the entire quantity being claimed by clients, which was N137.62bn, the six monetary establishments refunded N113.33bn within the yr below evaluation.

The banks lined on this evaluation embody Warranty Belief Holding Firm Plc, Wema Financial institution Plc, Union Financial institution of Nigeria Plc, United Financial institution for Africa Plc, Zenith Financial institution Plc and the FCMB Group Plc.

The annual monetary statements revealed that GTCO reported 1,006,380 complaints within the yr with N2.158bn in claimed quantity, whereas Wema Financial institution reported 404, 179 complaints with N924m in claimed quantity concerned.

In its 2022 monetary assertion, Union Financial institution mentioned that it obtained a complete of 673,709 complaints with N30.27bn concerned. United Financial institution for Africa reported 1, 408, 062 complaints and N54.61bn was recorded because the claimed quantity. Zenith Financial institution recorded 475, 499 complaints with N17.57bn in dispute whereas FCMB recorded 627, 799 complaints with N152.81m because the claimed quantity.

Within the yr below evaluation, GTCO mentioned it was in a position to resolve 998,737 complaints and N414.17m refunded as towards N363.58m in 2021. On the finish of the yr, the variety of unresolved complaints stood at 9, 248 and N19.17m in quantity claimed. The group mentioned that among the excellent complaints “embody complaints on dispense errors on different financial institution terminal, failed invoice cost, extra fees, and many others.”

For Wema Financial institution, 412, 218 complaints have been resolved inside the yr with N622m refunded, down from N1.24bn refunded in 2021. The variety of unresolved complaints as of December 2022 was 13, 642 with N10.27bn in quantity claimed concerned.