Banking
Banks Must Refund Excess Charges with Interest–CBN
By Dipo Olowookere
Banks operating in the country have been told to refund any excess charges from customers’ accounts with interest.
Central Bank of Nigeria (CBN) said it would force any bank engaged in such to adhere to the laid down rules and regulations.
Addressing newsmen on Tuesday in Abuja, the apex bank’s head of Consumer Complaints Management, Consumer Protection Department, Mr Fada David, disclosed that, “Part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest.”
Mr David was speaking in respect of complaints by bank customers within the Federal Capital Territory (FCT) over excess charges by banks through Automated Teller Machine (ATM) withdrawals.
He said the Monetary Policy Circular of the CBN gives certain guidelines as to how much should be refunded to customers if excess charges are discovered.
“Part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest,” he said.
He said the CBN monitors all banks regularly to make sure that they do not short-change customers.
Mr David urged bank customers to read the CBN’s Guide to Bank Charges circular to know those charges that their banks were allowed to charge and the correct amount.
“Consumers should consult this document to know how much they are expected to pay for services.
“When you go through it and in a situation where you see charges that you do not understand, you have the right to write your bank and get them to explain what the charges are.
“In a situation where it becomes clear that the customer was charged excessively, the customer should get them to reverse it.
“You have the right to know how much you are charged from operating your account and make sure that the bank only charges the specified amount,” he said.
Also commenting on the issue, Mr Oludamola Atanda of the Consumer Education Division, Consumer Protection Department of the CBN urged bank customers to demand for their statement of account monthly. He said it would help customers to monitor their accounts closely.
“You have the right to demand for the right product and services. The bank cannot force you to go for a specific product or loan facility. You have the right to choose.
“If they give you a product you do not like, you do not have to take it. Its important for us to understand this.
“There is also the issue of right to privacy. My bank should not share my details with just anybody. For instance, a wife cannot come and say she wants details of her husband’s account.
“Only by court order can an account details by revealed to a third party,” he said.
Mr Atanda stated that at times, customers complain about certain bank products because they were not properly informed about the products.
“If I am taking a product, my bank has the responsibility to educate me on that product.
“If it is a savings product, a customer should know how it works, how many times to withdraw in a month, how much interest to expect and the minimum deposit on the account.
“We are saying that you have the right to demand good service. Those are the things we want to let customers know,” he said.
During the interaction, some bank customers said fear making withdrawals using other banks ATMs because of the continued charge of N65 for every transaction.
According to the customers, most banks within Abuja have programmed their ATMs to dispense only N10,000 or less per transaction, thus ripping off customers withdrawing more than that amount.
The customers complained that if they had to withdraw N100,000 or more through other banks ATM, it meant they would lose so much money.
They, however, called on the CBN and other relevant authorities to look into the matter so as to help poor Nigerians.
By Adedapo Adesanya
One of the leading fintech giants, PalmPay, capped off a historic 2025 with massive financial returns for its users and significant institutional expansion.
The company’s year-end review highlighted a surge in user wealth-building, headlined by a standout success story: a single PalmPay customer earning over N11 million in interest through the platform’s savings products.
This N11 million interest milestone underscores a broader shift in how Nigerians are interacting with digital banking, moving beyond simple transactions toward long-term wealth management.
PalmPay was one of the three top-beneficiaries of the recent shift in retail digital transactions in Nigeria alongside OPay and Moniepoint, both of whom are unicorns.
In an email to customers on Wednesday, the Managing Director of PalmPay Limited, Mr Chika Nwosu, noted that 2025 was a year where money was more than just a figure on a screen, but a reflection of “hustle, growth, and community.”
This internal growth has been mirrored by external accolades. In 2025, PalmPay solidified its status on the global stage, earning several prestigious rankings, including being named the Fastest-Growing Company in Africa by the Financial Times, a spot on CNBC’s Top 300 Fintech Companies globally, and a top-three ranking for customer experience by KPMG.
PalmPay also played a pivotal role in the nation’s financial infrastructure this year. It became the only fintech selected to launch the NIBSS New Payment Stack, a critical development aimed at stabilizing and modernizing the Nigerian inter-bank payment system. This technical achievement was paired with the physical rollout of PalmPay cards, offering users a tangible extension of their digital wallets and greater financial freedom.
“We were also trusted as the only fintech to launch the NIBSS New Payment Stack, helping shape the future of payments in Nigeria,” Mr Nwosu added.
Beyond the balance sheets, the company expanded its corporate social responsibility through the Purple Woman Initiative 2.0. The programme focused on creating career paths for women in tech, culminating in the full absorption of all program interns into PalmPay’s national workforce.
The company’s reach also extended to the grassroots level, where it trained over 7,000 National Youth Service Corps (NYSC) members and supported national empowerment initiatives impacting over one million Nigerians.
Mr Nwosu noted that 2026 holds a lot of promises with PalmPay’s momentum showing no signs of slowing, with a focus on “building bigger and smarter.”
The company aims to leverage its new payment infrastructure to provide even more competitive savings yields and seamless transaction experiences. “Thank you for being part of the Purple family,” Nwosu stated. “Here’s to building bigger and smarter together in 2026.”
By Modupe Gbadeyanka
As part of ongoing efforts to improve customer experience on its digital banking platform and reinforce its proposition in e-business, Unity Bank Plc has launched an upgraded version of its mobile banking application, Unifi.
The retail lender disclosed that Unifi version 2.3 introduces a suite of improved features designed to enhance usability, security, and convenience for customers.
Key upgrades include enhanced security protocols, expanded quick-action functionalities, improved bill payment options, and an updated Nigeria Quick Response (NQR) feature to support faster and more secure QR code transactions.
A key aspect of the rollout builds on the bank’s continued investment in digital and security infrastructure, aimed at safeguarding customer data, ensuring secure payments and enabling safe, real-time transactions across channels.
It was also revealed that the improvements were built on the back of continuous interrogation of the platform to be more responsive to customer feedbacks which are being received overtime in our interactions and engagements.
Originally introduced as part of Unity Bank’s strategic push to expand its retail footprint, particularly among young and digitally savvy customers, Unifi has grown into a core engine of the company’s retail banking expansion.
The platform plays a critical role in driving customer acquisition, deepening engagement, and reinforcing Unity Bank’s broader digital transformation agenda.
“Digital banking has become an integral part of everyday life, particularly for retail customers who expect speed, dependability, convenience, and security as standard.
“With the latest upgrade to Unifi, we are responding directly to these expectations by enhancing functionality, strengthening security, and simplifying key payment and transaction journeys.
“Our goal is to ensure that customers can carry out their banking activities seamlessly, confidently, and without friction, anytime and anywhere,” the Divisional Head of Retail, SME, Digital Banking and Fintech Partnerships at Unity Bank, Ms Adenike Abimbola, said.
She added that the bank remains committed to continuous improvement of its digital channels in line with evolving customer needs and emerging industry trends, saying, “As mobile banking increasingly defines how people interact with financial services, Unifi is central to our strategy of delivering intuitive, reliable, and inclusive digital solutions. We will continue to invest in technology partnerships and platform enhancements that support financial inclusion, drive adoption, and improve overall customer experience.”
The Unifi mobile app is available for download on Android and iOS devices, offering customers access to a wide range of services, including transfers, bill payments, airtime purchases, and QR-enabled transactions.
By Aduragbemi Omiyale
Over N7 billion has been paid out in interest on savings by a leading force in the Nigerian financial technology (fintech) ecosystem, FairMoney Microfinance Bank (MFBank) over the past year.
In the period under review, the technology-enabled lender has disbursed more than N150 billion in loans to customers, which include individuals and businesses.
FairMoney began operations in 2021 as one of the country’s pioneer platforms for rapid credit access.
Beyond expanding access to finance, the company has successfully scaled its operations, evolving into a full-fledged licensed microfinance bank.
It now offers a comprehensive suite of services, including high-interest savings accounts, fixed-term deposits, current accounts, debit cards, and POS solutions for businesses, all aimed at fostering financial inclusion through ease of use and competitive transaction rates.
FairMoney leverages advanced tools, including AI and machine learning algorithms, to analyse extensive financial and alternative data from smartphone usage and user-provided information.
By creating unique credit scores to assess risk, the small bank enables fast, collateral-free lending to underserved segments, ensuring creditworthiness is evaluated beyond traditional banking criteria.
“Our record loan disbursements and savings pay-outs over the past year are more than just numbers; they represent our unwavering tenacity in supporting the Nigerian financial ecosystem.
“At FairMoney, we are driven by the knowledge that our platform provides the essential capital for individuals to thrive and for businesses to scale.
“Our savings products provide both retail and business customers with inflation-beating returns, ensuring genuine wealth preservation. We remain deeply committed to closing the financial gap and empowering our community,” the Managing Director of FairMoney MFB, Mr Henry Obiekea, stated.
Operating as a Central Bank of Nigeria (CBN) licensed institution, FairMoney adheres to all guidelines of the regulator and is strictly regulated to ensure that deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC). Furthermore, the bank prioritizes data protection under the Nigeria Data Protection Regulation (NDPR) and maintains bank-grade security protocols.
Throughout 2025, the Nigerian financial ecosystem operated under the strategic framework of the CBN’s “Payment Systems Vision 2025,” successfully transitioning the nation toward a more inclusive, stable, and cashless economy. By October 2025, Nigeria recorded a massive surge in electronic payments. Total e-payment transactions reached record highs, with instant bank transfers accounting for nearly 70% of all electronic transactions. FairMoney played its part as a conduit, creating a significant digital footprint through the disbursement of loans and the payment of savings interest to customers.
“Our efforts in 2025 were defined by an unwavering commitment to financial inclusivity and a customer-centric mission rooted in fairness, empowerment, and consumer confidence,”
“As we move into 2026, we remain resolute in our mission to uphold these values and drive the continued growth and resilience of Nigeria’s financial landscape,” Mr Obiekea added
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