CBN acts tough again, gives banks 72 hours ultimatum to resolve customers’ complaints 

A few days after the Central Bank of Nigeria (CBN) directed banks to start lending to the real sector of the economy, the apex bank has hit the hammer on the deposit money banks, giving them a-72-hour ultimatum to resolve customers’ complaints. 

Fund Transfer and card related issues: The Central Bank, in a series of tweets on Friday, educated bank customers on the procedures to lodge their complaints when faced with card-related and fund transfer issues.  

[READ ALSO: CBN sets N650,000 as accreditation fee for personalised cheques]

Excess charges: Also, CBN informed bank customers to contact the central after a complaint has been tabled to their respective banks on excess bank charges. The tweet reads: 

[READ MORE: CBN takes a proactive step by introducing Clean Notes Policy]

Bank account management: On the case of bank account management, the Central Bank noted that 14 days ultimatum shall apply, after which the customers can contact the apex bank through emails.  

Consumer complaint tracking number: Furthermore, the Central Bank accentuated the need for bank account holders to lodge complaints to the apex bank to enable them to do a follow-up. Customer, after lodging complaints, must insist on getting the Consumer Complaint Management System (CCMS) tracking number from the banks. 

Why this matters: It means that there is security on the finances of account holders, and the fear of irregular and excess charges from the deposit money banks can be reduced to the barest minimum.  

This move made by the Central Bank has been lauded by many people, who stated that the commercial banks’ regulator is on the road to instilling regularities and transparency in the financial services sector. 

[READ FURTHER: Over N190bn disbursed through Anchor Borrowers Programme – CBN]