Regulators | |
Regulators | |
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Friday, March 09, 2018 /05:30 PM / CBN
We
have observed, with concern, the significant increase in the number of
complaints the Central Bank of Nigeria (CBN) receives from customers of
financial institutions especially deposit money banks’ customers on various
banking products and services.
The
complaints range from allegation of excess charges, unauthorized deductions,
excess commission-on-turnover (COT), other frivolous charges, frauds etc. this
situation is a clear indication of customer dissatisfaction with the quality of
service offered by and the absence of proper redress mechanism within the
financial institutions. To this end, it has become necessary for banks and
other financial institutions to adopt appropriate and effective mechanisms to
address customers’ grievances reduce the spate of customer complaints, enhance
public confidence and customer satisfaction.
Banks
are hereby directed to expand their existing ATM help desks established the CBN
circular REF: BOD/DIR/CIR/2009/GEN/10 date 18th December, 2009 on
consumer help desk (ATM) to handle all categories of customer complaints.
In
the same vein, discount houses and other financial institutions are directed to
establish customer help desks to handle customer complaints. The consumer help
desk should be managed by an officer not below the grade of Assistant General
Manager (AGM) and /or senior banking officer of considerable years of
experience in banking at the head offices and branches respectively
The
CBN has further directed that:
· All
deposit money banks, discount houses and other financial institution to
establish e-mail addresses dedicated to customers’ complaints handling.
· Henceforth,
customers complaints against banks, discount houses and other financial
institution MUST FIRST be filled with the bank other financial institution
for resolution. A copy of the complainant should be forwarded to the
Director, financial policy and regulation department of the CBN, such
compliant should be resolved within two weeks from the date of receipt.
· Any
financial institution unable to resolve a customer’s complaint within the
14-days’ time frame should forward such complaint with evidence of action
taken to resolve the compliant to the director, financial policy and
regulation department immediately after the 14-days deadline, and advice the
compliant accordingly.
· All financial institutions must submit monthly
returns on ALL customer complaints received (whether received or
not) to the CBN starting 31st October, 2011. The monthly
returns should be submitted (using the attached template) to the Director,
Financial Policy and Regulation Department, CBN not later than five (5)
days after the end of each month; and
· Financial
institution are required to report the number of complaints received
during the period, number resolved, number not resolved; but referred to
the CBN for intervention and total disputed amount in their approval
annual reports and the published abridged financial statements.
As
an alternative to filling complaints directly with deposit money banks,
discount houses and other financial institutions consumer complaints can also
be filled, electronically, at CBN branches or by logging onto www.cbn.gov.ng
Appropriate
sanction will be imposed on any bank, discount house or other financial
institutions that contravenes any of the provisions of this circular.
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