CBN orders banks to resolve customers' complaints in two weeks

CBN orders banks to resolve customers’ complaints in two weeks

February 27

17:59 2018

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The Central Bank of Nigeria says commercial banks and other financial institutions must settle customers’ complaints within two weeks.

NAN reports that Tajudeen Ahmed, CBN head of complaints management division, gave this directive on Tuesday in Abuja.

He said the apex bank is committed to eradicating short payment of interests and end the culture of excess and arbitrary charges.

According to him, any charge outside what is contained in the charges circular on the CBN website is not allowed.

“The consumer protection department issued guidelines to banks dated August 16, 2011, directing all banks and other financial institutions to resolve all customer complaints within two weeks of receipt of that complaint, he said.

“Before the expiration of that complaint, the financial institution is expected to be engaging the customer on a continuous basis to update him or her on the status of the complaint.

“If it is not resolved within the deadline given, then such a person is encouraged to draw the attention of Central Bank of Nigeria to find solution to that complaint.”

Ahmed faulted banks for setting a limit on ATM withdrawals to get customers to make several withdrawals to cash large sums.

“I have also observed and noted this. Don’t forget that at the beginning, it wasn’t like this. Over time, we started having this problem.

“One of the reasons is that the quantum of N500 denomination is much more than that of N1,000 denomination.

“When we approached the banks about these problems, they said that the machines become easily faulty when it is set to dispense up to N30, 000 to N40, 000 units.

“However, CBN has directed that the machines that allow payment of up to N30,000 to N50,000 should be installed.

“This is still ongoing. The banking and payment department of the CBN is championing it.”

Ahmed advised customers with unresolved complaints to contact the CBN by writing to the director consumer protection department or send an email to [email protected].

He also advised disgruntled bank customers to visit any branch of the CBN closest to them to lay their complaints.