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Banks violate CBN’s directive, charge customers 2013 COT

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Indications have emerged that most Deposit Money Banks (DMBs) still charge their customers N3 per N1,000 Commission on Turnover (COT), despite a Central Bank of Nigeria (CBN’s) directive which stipulated N2 COT for 2014.

To this effect, the apex regulator has ordered the affected DMBs to refund such illegal fees charged customers over a period of one year.

The order, contained in a circular dated June 11, but posted on June 12, and signed by the Director, Financial Policy and Regulation Department, CBN, Mr Franklin Ahonkhai.

Specifically, the central bank said some banks had been overcharging customers on the Commission on Turnover in the last few months, while some lenders had also imposed illegal maintenance fees on the CoT-free accounts. Continue Reading