CBN gives banks two weeks to settle overcharge complaints

The Central Bank of Nigeria (CBN) has directed all banks to make sure customer complaints regarding overcharge, unauthorised deductions and other matters are resolved within two weeks.
The move, according to the apex bank, is to eradicate incidences of arbitrary and excess charges.
This was disclosed by the CBN head of complaints management division, Tajudeen Ahmed, at the weekend.
He said the CBN has issued a circular stating those charges which banks and other financial institutions can bill their customers for. Any charge not listed must not be billed.
Ahmed said, “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.
The complaints can be sent to the CBN email — –, a visit to the nearest CBN branch or a letter addressed to the director, Consumer Protection Department.
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.

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