In furtherance of its mandate to promote a stable financial system, the Central Bank of Nigeria (CBN) has introduced a complaints management system for prompt and amicable resolution of customer-related issues in the banking industry.
Titled ‘Deployment of the Consumer Complaints Management System,’ the framework, which was issued on Friday, December 28, 2018, directed commercial banks to ensure the resolution of customer complains.
Failure to comply with the directive, the apex bank warned, would attract stiff sanctions.
The circular, signed by a Director of the CBN, Kofo Salam-Alada, said, “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 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.”
“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 Apex bank had indicated in its half-year report that the number of complaints it received from consumers of financial services increased to 1,439 in the first half of 2018 from 1,141 in the corresponding period of 2017. Such complaints related mainly to excess charges, frauds, dishonoured guarantees and unauthorized deductions/transfers, among others.
