Customers’ complaints must be settled by banks within two weeks- CBN

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The Central Bank of Nigeria has instructed that all customers’ complaints especially on issues of overcharge and unauthorized deductions with banks must be settled within two weeks.

This instruction was given by the CBN Head of Complaints Management Division, Mr. Tajudeen Ahmed during an interview with the News Agency of Nigeria on Thursday in Abuja. He promised that the apex bank will work towards ensuring that all bank customers are fully attended to and compensated on issues of excess charges or unauthorized withdrawals.
He also informed that CBN has since issued circular on legitimate bank charges. This circular can be found on their website (www.cbn.gov.ng). He said that any charge outside these charges are not allowed and should be reported.

“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.
“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 the complaint,” he said.

Ahmed advised customers with unresolved complaints to contact the CBN by writing to the Director Consumer Protection Department or send an email to cbd@cbn.gov.ng. He also advised dissatisfied bank customers to visit any branch of the CBN closest to them to make their complaints.

Personally I think this is a good development however, I just hope that it could be effectively implemented. Banks have become so comfortable rendering dissatisfying services to their customers especially on issues of unauthorized withdrawals or over charge and it is good that CBN is making efforts towards correcting this menace.
I also believe that as bank customers, if we all learn to speak and expose these banks whenever they render bad service, we would go a long way in correcting most of their malpractices. Nigerians are known to easily let go and having the ‘I don’t have time’ kind of approach to many things. Let’s not allow this in the banking sector so as to see the existence of our desired type of banks.
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