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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