4.6 Million Customers Demand N137 Billion Refund From GTCO, Wema, Zenith Bank, Others

Reports revealed that Guaranty Trust Holding Company Plc (GTCO), Wema Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc (UBA), Zenith Bank Plc and First City Monument Bank (FCMB) received over four million failed transactions complaints from their customers in one year.

The banks’ audited financial reports for the year 2022, obtained by journalists during the weekend, highlighted that the six Deposit Banks in Nigeria received a total of 4,595,628 million complaints from their customers within one year claiming a cumulative refund of N137.62bn.

The PUNCH observed that the financial reports with the Nigerian Stock Exchange showed that the banks’ over four million complaints were separate from the ones carried forward from the previous financial year, 2021.

Compared to the total amount being claimed by customers, which was N137.62bn, the six financial institutions refunded N113.33bn in the year under review.

The annual financial statements revealed that GTCO reported 1,006,380 complaints in the year with N2.158bn in claimed amount, while Wema Bank reported 404,179 complaints with N924m in claimed amount involved.

In its 2022 financial statement, Union Bank claimed it received a total of 673,709 complaints with N30.27bn involved. United Bank for Africa reported 1,408, 062 complaints and N54.61bn was recorded as the claimed amount. Zenith Bank recorded 475,499 complaints with N17.57bn in dispute, while FCMB recorded 627,799 complaints with N152.81m as the claimed amount.

In the year under review, GTCO said it resolved 998,737 complaints and N414.17m refunded as against N363.58m in 2021. At the end of the year, the number of unresolved complaints stood at 9, 248 and N19.17m the in the amount claimed. The group said that some of the outstanding complaints “include complaints on dispense errors, another bank terminational, failed bill payment, excess charges, etc.”

For Wema Bank, 412, 218 complaints were resolved within the year with N622m refunded, down from N1.24bn refunded in 2021. The number of unresolved complaints as of December 2022 was 13, 642 with N10.27bn the amount claimed.

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