The Central Bank of Nigeria (CBN) has directed banks and
other financial institutions to settle customers’ complaints within two weeks.
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele The apex bank’s
order touches on issues of overcharge, unauthorized deductions and other
matters. Mr Tajudeen Ahmed, The CBN Head of Complaints Management Division,
said on Tuesday in Abuja the decision would ensure that banks’ customers
received redress on issues of excess charges or unauthorized withdrawal. Ahmed
reiterated the apex bank’s commitment to eradicate short payment of interests
and end the culture of excess and arbitrary charges. According to him, the CBN
has since issued a circular, which could be found on the Its website showing
all legitimate bank charges. He explained that any charge outside what is
contained in the circular was not allowed and should not be charged. “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 of that complaint. “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 find
solution to that 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 disgruntled bank
customers to visit any branch of the CBN closest to them to lay their
complaints. “The CBN continually engages the banks to find out if their
conducts and practices are fair to their customers in order to stimulate
people’s confidence in the banking system. “Non-adherence to that normally
results to regulatory sanctions as the case may be,” he said. Ahmed faulted
banks for setting a limit on ATM withdrawals to get customers to make several
withdrawals to cash large sums. “I have also observed and noted this. Don’t
forget that at the beginning, it wasn’t like this. Over time, we started having
this problem. “One of the reasons is that the quantum of N500 denomination is
much more than that of N1,000 denomination. “When we approached the banks about
these problems, they said that the machines become easily faulty when it is set
to dispense up to N30, 000 to N40, 000 units. “However, CBN has directed that
the machines that allow payment of up to N30,000 to N50,000 should be
installed. “This is still ongoing. The Banking and Payment Department of the
CBN is championing it,” he said. Also, the Head of Consumer Protection
Division, Mrs Hadija Kasim, said bank customers could also avoid some of these
issues by inculcating the habit of cashless policy. She reminded the public
that there were various methods to make payments rather than carrying cash.
“Let’s not forget that ATM cards can also be used on Point of Sale (POS)
terminals. “We are encouraging people that unless it is absolutely necessary,
they should reduce the carriage of cash. Cashless transactions are more convenient,
safer and you will avoid the problem of overcharges,” she said. Kasim also
advised bank consumers to use bank transfer channels for transactions in cases
where sellers do not have POS. (NAN)
The Central Bank of
Nigeria (CBN) has directed banks and other financial institutions to
settle customers’ complaints within two weeks.
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele
The apex bank’s order touches on issues of overcharge, unauthorised
deductions and other matters.
Mr Tajudeen Ahmed, The CBN Head of Complaints Management Division, said
on Tuesday in Abuja the decision would ensure that banks’ customers
received redress on issues of excess charges or unauthorised withdrawal.
Ahmed reiterated the apex bank’s commitment to eradicate short payment
of interests and end the culture of excess and arbitrary charges.
According to him, the CBN has since issued a circular, which could be
found on the Its website showing all legitimate bank charges.
He explained that any charge outside what is contained in the circular
was not allowed and should not be charged.
“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 of that
complaint.
“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 find
solution to that 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 disgruntled bank customers to visit any branch of the
CBN closest to them to lay their complaints.
“The CBN continually engages the banks to find out if their conducts and
practices are fair to their customers in order to stimulate people’s
confidence in the banking system.
“Non-adherence to that normally results to regulatory sanctions as the
case may be,” he said.
Ahmed faulted banks for setting a limit on ATM withdrawals to get
customers to make several withdrawals to cash large sums.
“I have also observed and noted this. Don’t forget that at the
beginning, it wasn’t like this. Over time, we started having this
problem.
“One of the reasons is that the quantum of N500 denomination is much
more than that of N1,000 denomination.
“When we approached the banks about these problems, they said that the
machines become easily faulty when it is set to dispense up to N30, 000
to N40, 000 units.
“However, CBN has directed that the machines that allow payment of up to
N30,000 to N50,000 should be installed.
“This is still ongoing. The Banking and Payment Department of the CBN is
championing it,” he said.
Also, the Head of Consumer Protection Division, Mrs Hadija Kasim, said
bank customers could also avoid some of these issues by inculcating the
habit of cashless policy.
She reminded the public that there were various methods to make payments
rather than carrying cash.
“Let’s not forget that ATM cards can also be used on Point of Sale (POS)
terminals.
“We are encouraging people that unless it is absolutely necessary, they
should reduce the carriage of cash. Cashless transactions are more
convenient, safer and you will avoid the problem of overcharges,” she
said.
Kasim also advised bank consumers to use bank transfer channels for
transactions in cases where sellers do not have POS. (NAN)
Read more at: https://www.vanguardngr.com/2018/02/cbn-gives-banks-two-weeks-settle-complaints/
Read more at: https://www.vanguardngr.com/2018/02/cbn-gives-banks-two-weeks-settle-complaints/
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