ABUJA – As customer complaints continue to rise, the Central Bank of Nigeria (CBN) has taken steps towards ensuring that complaints are tracked and resolved as it has developed a Consumer Complaints Management System (CCMS) on which banks must upload complaints on a daily basis.
The apex bank in a circular issued to all banks and other financial institutions directed that they assign tracking number for every complaint received from their customers, effective January 2, 2019.
CBN in the circular also directed that banks and other financial institutions issue an acknowledgement, which shall 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 (CCMS), an automated system aimed at easing complaints management to engender public confidence in the financial system.
“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.
“Please note that non-compliance with this circular shall attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.”
CBN’s half-year 2018 economic report had shown that a total of 1,439 and 2,451 complaints were leveled against banks and other financial institutions operating in the country, respectively.
This is more than the 1,141 and 1,270 complaints that were made against banks and other financial institutions during the comparable period of 2017.