CBN Deploys Consumer Complaints Management System Effective Jan 02, 2019

Proshare

Friday, December 28, 2018 03:10 PM / CBN

 

The Central Bank of Nigeria (CBN), in furtherance of its mandate to promote a stable financial system embarked on the development of the Consumer Complaints Management System (CCMS), an automated system aimed at easing complaints management to engender public confidence in the financial system. 

With effect from 2nd January, 2019, Banks and Other Financial Institutions (BOFIs) are required to:

  1. Assign Tracking Number for every complaint received from their customers;
  2.  Issue an acknowledgement, which shall contain the assigned Tracking Number, to the customer; and
  3. Commence upload of complaints to the CCMS on a daily basis.

 

In addition, BOFIs are enjoined to always comply with the timelines stipulated in the CCMS for resolution of the various categories of complaints. 

Please note that non-compliance with this circular shall attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap 83, LFN 2004.


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