CBN To Punish Banks That Fail To Resolve Consumer Complaints
So, the Central Bank of Nigeria, CBN is asking the banks to adhere to its orders on customer complaints resolution or face sanctions.
In a circular on ‘Deployment of the Consumer Complaints Management System’ signed by a Director of the CBN, Kofo Salam-Alada, and released to the lending institutions, it stated that it would apply the necessary sanctions on infractions.
The circular read: “The Central Bank of Nigeria, in furtherance of its mandate to promote a stable financial system, embarked on the development of the Consumer Complaints Management System, and 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: Assign tracking number for every complaint received from their customers, issue an acknowledgement which shall contain the assigned tracking number to the customer, and commence upload of complaints to the CCMS on a daily basis.”
In addition, it added, the BOFIs were 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, Cap B3, LFN 2004,” the circular added.
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