Sequel to the downward review of financial transaction charges contained in the new guideline to financial institutions, the Central Bank of Nigeria has released a guide for bank customers and others on how and where they can lodge complaints against financial institutions under its regulation.
The guide has become necessary due to an increase in complaints against players in the Nigerian financial industry. The financial institutions include commercial banks, microfinance banks, primary mortgage institutions, and discount houses.
From ATM dispense error to unsuccessful POS transactions, the weekly complaints have become a cause for concern that the financial regulator could no longer ignore. Nigerians say they lose thousands of their hard-earned money to failed ATM, POS and card transactions, owing mainly to the insouciant response of responsible financial institutions, especially the banks.
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Although the CBN said that it had earlier issued a circular directing all banks to expand their existing ATM help desks to handle all types of consumer complaints, the challenge remains.
Some Nigerian bank customers said that it’s only when they escalate the issue of failed transactions, either by involving the central bank or a lawyer, that the banks step up to refund their trapped money. It is thus believed that Nigerian financial institutions deliberately overlook cases of failed transactions in order to embezzle customers’ funds.
Last year, in an attempt to curtail the banks’ lackluster approach to cases of ATM dispense error, the central bank initiated a policy under Consumer Protection Regulation, to fine responsible banks N10,000 for every failed transaction not reversed within 24 hours. But that did not change much as most banks’ customers don’t know how to escalate the matter to the CBN.
Thus, in a move believed to be geared toward making the policy effective, the CBN issued this guide that will help customers to escalate their complaints against regulated financial institutions. Read below:
“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.
“You have 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.
“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: Emails: [email protected] (address your letter to) The Director, Consumer Protection Department, Central Bank of Nigeria, Central Business District, Garki Abuja. You can submit your letter at the CBN Head Office or at any of the CBN branches nationwide.”