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CBN Guidelines on Consumer Complaints Management
Posted by Editor One on 15th September 2019
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The Central Bank of Nigeria has released  a Guide on how and where  bank Customers  can lodge a complaint against Financial Institutions regulated by the Central Bank of Nigeria such as Commercial Banks, Micro-finance Banks, Primary Mortgage Institutions and Discount Houses.

Customers must make  complaint first to their financial Institution. The Central Bank of Nigeria (CBN) issued a circular in  directing all banks to expand their existing capacity to handle all types of consumer complaints, therefore, if you have a complaint against your bank, you MUST first report the complaint at the bank/branch where the issue originated and then allow 2 weeks (it might be less in some banks) for the issue to be resolved.

If your bank fails to resolve your complaint after 2 weeks of lodging your complaint your Bank still fails to engage you and resolve the complaint, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN.

Please note, that you can only direct your Complaints to CPD upon the failure of your Bank/Financial Institution to resolve your complaint within the 2 weeks time-line given by the CBN.

You can contact the CPD through the following channels:

1. E-mail: cpd@cbn.gov.ng

2. Letter: Director, Consumer Protection Department Central Business District, Abuja.

Your letter of Complaint should be addressed to the Director, Consumer Protection Department.

The letter can be submitted at the CBN Head Office OR at any of the Central Bank of Nigeria branches nationwide.

The CBN Consumer Protection Department, deals with all financial related complaints so far as it is against Financial Institutions within its regulatory purview.

Your letter of complaint should be clear and concise and avoid ambiguity, the letter (petition) should contain amongst other things the following: Name, Address, Contact Phone Number & E-mail of the Complainant; Name of your Financial Institution; Personal banking details (Do NOT include PIN & Passwords,) History of the transaction in dispute; Amount claimed (if any); Attach relevant documents to support you claim and; Evidence to show that you have first lodged the complaint at your bank.

 

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