Central Bank Of Nigeria Releases Important Information To Bank Customers On How To Take Action And File Complaints Against Their ‘Incompetent’ Commercial Banks, Microfinance Banks, Primary Mortgage Institutions, And Discount Houses

The Central Bank of Nigeria, CBN, has on Monday, released a Guide for Bank Customers and others, on how and where they can lodge complaints against Financial Institutions in the country regulated by it, Page 36 learnt.

The Financial Institutions include: Commercial Banks, Microfinance Banks, Primary Mortgage Institutions, and Discount Houses.

The CBN noted that it had earlier issued a Circular directing all Banks to expand their existing ATM Help Desks, to handle all types of consumer complaints.

It stated: “Therefore, if you have a complaint against your Bank, you must first report the complaint at the Bank/Branch where the issue originated, and then allow two weeks (it might be less or more in some cases) for the issues to be resolved.”

According to the CBN, the Customer has the right to escalate the complaint to the Director, Consumer Protection Department, CPD, of the CBN, after lodging a complaint, when the Bank fails to acknowledge within three days, or issue a tracking number, or fails to resolve the complaint within the timelines as stipulated by the Consumer Protection Regulation.

The CBN added: “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.”

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