Zenith, GTB Refund N1.126bn to Customers in 2018

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Customers of Zenith Bank and Guaranty Trust Bank last year got refunded N1.126 billion having made complaints on their accounts as the two banks alongside Stanbic IBTC Bank Plc gave out N4.226 billion as donations last year.

Whilst the amount refunded by Zenith Bank last year more than doubled compared to what it refunded in 2017, the amount refunded by GTB dropped from what it paid out the previous year.

The 2018 financials of the two banks showed that Zenith Bank had received complaints amounting to N11.026 billion 2018 compared to 2017 figure of N10.045 billion, whilst it had resolved complaints amounting to N3.776 billion compared to resolved complaints amounting to N1.833 billion in 2017.

Zenith Bank had refunded N800.13 million to its customers in 2018 as against N346.67 million which it refunded in 2017. Complaints made to the bank amounting to N17.033 billion had been escalated to the Central Bank of Nigeria (CBN) for intervention compared to N9.78 billion escalated and/or carried forward in 2017.

For GTB, the amount refunded to customers declined from N455.409 million in 2017 to N326.32 million in 2018. The bank in its 2018 financial report said it had received 45,737 complaints amounting to N700.092 million last year compared to 371,159 complaints amounting to N602.18 million it received in 2017.

GTB said it resolved 45,756 complaints amounting to N1.224 billion last year, an addition from pending complaints while 87 complaints amounting to N329.01 million had been carried forward.

Meanwhile, donations from Zenith Bank, GTB and Stanbic IBTC to various organisations in 2018 rose to N 4.226 billion from N3.914 billion. Zenith Bank which is currently the biggest bank in Nigeria in terms of asset base was the biggest donor of the three banks giving out N3.065 billion in 2018.

Zenith Bank’s donation last year was a 17.4 per cent improvement over N2.611 billion which it gave back to the society in 2017. The bank’s biggest donation last year of N1.57 billion had gone to security trust fund of states.

GTB’s donations had grown slightly by 7.03 per cent from N867.113 million in 2017 to N928.078 million in 2018 with the biggest donation of the bank going to driving financial inclusion where it spent N295 million.

Stanbic IBTC’s donations however declined last year as the bank gave out N233.39 million, a 46.5 per cent decline from N436.63 million which it had given out in 2017. Its biggest donation last year of N35 million went into deepening financial inclusion Inn the county.

Stanbic IBTC had been in the face of the storm last year, after it was fined by the CBN for helping MTN Nigeria illegally repatriate funds from the country.

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