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Central Bank of Nigeria (CBN) has published phone numbers and electronic addresses to which nigerians will submit their banking complaints that have not been resolved.
The CBN has taken a big step towards enhancing transparency and accountability in the banking sector by releasing special phone lines as well as online platforms for customers of bank to relate grievances against banks.
This is aimed at ensuring timely resolution of complaints, consumer protection and promotion of fair practices within the industry.
How to report your Complaints to CBN.
In order to deal with increasing number of pending complaints, CBN has issued new contact details specifically for its customers. These include a dedicated email as well as phone line that make it easier for clients to raise issues not addressed by their banks within agreed time.
Contacts:
Email: [email protected]
Phone: 08176657060
Stepping Up Unresolved Grievances
According to the CBN’s guidelines on consumer protection, where a complaint lodged by a customer against his or her bank is unresolved after two weeks, it can be escalated to the apex bank.
This extends also includes commercial banks, microfinance banks, primary mortgage institutions and discount houses among others.
Ways to File a Complaint with the CBN
Your complaint should be brief and easy to comprehend in order for it to be handled effectively. The complaint letter (petition) must contain the following:
Information about Complainant: Name, address, phone number and email.
Details of Financial Institution: Bank or financial institution name.
Personal Banking Information: Sensitive information like PIN numbers and passwords should not be included.
Transaction History: Date of dispute transaction.
Claim Amount: Where relevant.
Supporting Documents: Any other documents that are supportive of the claim can be attached here.
Previous Complaint Evidence: Proof that the complaint had been initially filed at the bank.
Details of Financial Institution: Bank or financial institution name.
Personal Banking Information: Sensitive information like PIN numbers and passwords should not be included.
Transaction History: Date of dispute transaction.
Claim Amount: Where relevant.
Supporting Documents: Any other documents that are supportive of the claim can be attached here.
Previous Complaint Evidence: Proof that the complaint had been initially filed at the bank.
Background and Rationale
CBN’s action follows growing volumes of e-transactions resulting in high customer complaints. According to Nigerian Interbank Settlement System (NIBSS), electronic payment transactions were 183,69 million in February 2023 up from 108,13 million in January 2023.
This surge in digital transactions has led to more customer service issues thus necessitating better mechanisms for resolving complaints.
CBN's Commitment
The Central Bank of Nigeria (CBN) is dedicated to addressing all financial-related complaints that fall under its regulation. The CBN has instructed all banks to expand their ATM help desks to manage all types of customer complaints.
This ensures that customers have a reliable place to report their issues. However, the CBN steps in only if the bank or financial institution does not resolve the complaint within two weeks.
Conclusion
The new complaint submission channels introduced by the Central Bank of Nigeria are a great move to improve customer satisfaction in banking. These channels give customers a clear and easy way to report their issues.
This effort by the CBN helps create a more transparent and accountable banking system. I encourage everyone to use these channels to make sure their complaints are heard and resolved quickly, protecting their rights and promoting fair practices in our banks.
Source: CBN