CBN Gives Guidelines on How to Report Your Bank When Displeased

• The Central Bank of Nigeria (CBN) has told customers of commercial banks how to report ATM and other transaction infractions to it
• The CBN issued a circular and a guide detailing the steps a customer should take tackle issues that they consider unsatisfactory to them
• According to the apex bank, customer of commercial banks, microfinance banks, mortgage institutions and discount houses can approach its consumer protection department

Nigeria’s apex bank, the CBN has given a step by step guide to bank customers on how they can seek redress in an event of an infraction on their accounts or transactions.

The financial bodies also include commercial banks. Microfinance banks, primary mortgage institutions and discount houses.

The CBN, in an earlier circular directed all banks to increase their existing ATM help desks to tackle all types of consumer complaints.

Read also

No hiding place for debtors as CBN amend rules giving commercial banks limitless power to recover bad loans

Steps to follow

The CBN said if a customer has a complaint against any bank, they must first report it at the bank/branch where the issue originated from and give time a grace period of two weeks or less for the issues to be resolved.

The customer reserves the right to escalate the same issue to the Director, Consumer Protection Department of the CBN after lodging the complaint when the bank acknowledged the complaint by the customer. If the bank fails to acknowledge and issue a tracking number within three days, the Consumer Protection Regulation can swing into action.

What the CBN is saying

“You can only direct your complaints to CPD upon the failure of your bank/financial institution to resolve your complaint within the timeline stipulated by the Consumer Protection Regulation. You can contact the CPD through the following channels: Consumer Protection Department, Garki, Abuja. Your letter of complaint should be addressed to the Director, Consumer Protection Department. You can submit your letter at the CBN Head Office or at any of the CBN branches nationwide.”

Read also

NIPOST issues Nigerians with free Debit Card, launches banking platform to increase financial inclusion

CBN Launches Selection Criteria for Participation in 100 for 100 Policy

Legit.ng has reported that The central Bank of Nigeria has announced its selection criteria for the newly introduced financial instrument tagged ‘The 100 for 100 PPP’ Policy on Production and Productivity.

The Punch reports that the apex bank disclosed this in a notice signed by its Development Finance Department.

The bank explained that the selection for participating businesses would be based on the immediate impact the business has on economic growth, jobs creation, and social impact.

Source: Legit.ng