… orders daily upload of statistics
The Central Bank of Nigeria has ordered banks to upload customers’ complaints on a daily basis into its recently developed Consumer Complaints Management System.
This is coming on the heels of increasing customer complaints in the financial industry.
The apex bank’s half-year 2018 economic report had shown that a total of 1,439 and 2,451 complaints were brought against banks and other financial institutions operating in the country, respectively.
This was more than the 1,141 and 1,270 complaints that were made against banks and other financial institutions during the comparable period of
2017.
The apex bank, in a circular issued to all banks and other financial institutions, directed that they should assign tracking number for every complaint received from their customers, effective January 2,
2019.
The apex bank also directed banks and other financial institutions to issue an acknowledgement, which should contain the assigned tracking number, to the customer; and commence upload of complaints to the CCMS on a daily basis. The apex bank said the directive was in furtherance of its mandate to “promote a stable financial system embarked on the development of the Consumer Complaints Management System, an automated system aimed at easing complaints management to engender public confidence in the financial system.”
It added, “In addition, banks and other financial institutions are enjoined to always comply with the timelines stipulated in the CCMS for resolution of the various categories of
complaints.”
It, however, warned that “non-compliance with this circular shall attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.”
