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Home General News

CBN issues banks new guidelines, fines over customers’ complaint 

Fakoyejo Olalekan by Fakoyejo Olalekan
December 24, 2019
in General News
parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

CBN Governor Godwin Emefiele

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The Central Bank of Nigeria (CBN) has issued a warning to banks regarding customer complaints. The CBN, in a recent guideline, said banks would be fined N2 million if they failed to acknowledge complaints from depositors.

The apex bank in a circular to all banks, other financial and non-bank financial institutions, said the objective of the guideline was to ensure fair treatment of customers, disclosure and transparency, responsible business conduct, as well as complaints handling and redress in accordance to the stipulated timeframe.

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CBN gave this warning in its Consumer Protection Regulations, another guideline drafted to improve upon the Consumer Protection Framework which was issued on November 7, 2016. It is expected to boost customer confidence in the financial services industry and promote financial stability, growth and innovation.

Cost for violating guidelines: Any bank found guilty of not operating in accordance with the guidelines of this regulation will be sanctioned.

  • Non-resolution of complaints within prescribed timelines – a penalty of N500,000.00 per complaint per week while the infraction subsists.
  • Non-acknowledgment of complaints from customer or non-issuance of tracking numbers – N2,000,000.00 per complaint.
  • Non-response to request or failure to comply with CBN directive – A penalty of N2,000,000.00.
  • False or non-rendition of Returns/Reports – N100,000.00, and in addition, N10,000 for each day the infraction continues.
  • Persistent breach of regulations – Administrative sanctions on responsible officer(s), including issuance of warning letters and any other statutory sanctions on the officer(s) or Institution. These may be in addition to the sanctions prescribed in this Section of the Regulation.
  • Failure to comply with other provisions of the Regulations not specified above shall attract sanctions provided in the CBN Act, the BOFIA, other enabling laws and regulations.

[READ MORE: CBN slashes ATM withdrawal fee, others, imposes N2 million fine on Banks)

Why this matters? According to the CBN circular seen by Nairametrics, the Customer Protection Regulation will protect customers from/against

  • unfair and exploitative practices by Institutions in their dealings with the consumers;
  • unethical and predatory practices that undermine consumer confidence in the use of financial products and services;
  • the provision of inadequate and misleading information and/or failure to disclose material information;
  • The regulation will ensure access to complaint redress mechanisms that are free, fair, timely, transparent, accessible and independent; and
  • It will encourage transparency of Institutions in their dealings with consumers.

Ways to channel complaints: Apart from the traditional walk-in procedure, banks are expected to have several channels of communication available for their customers complaints. Some of the channels are: letters, e-mails, telephone lines, social media and digital software platforms. Within 24 hours of the complaint, banks are required to acknowledge and contact the customer. Click the link to know more.

Related

Tags: Central Bank of NigeriaConsumer Protection FrameworkConsumer Protection Regulationscustomers’ complaint

Comments 4

  1. Obiajulu says:
    December 25, 2019 at 5:14 pm

    This is long over due. I think i will use it on united securities and first registrar by next year.

    Reply
  2. Anonymous says:
    December 26, 2019 at 9:58 am

    Comment:POS dispenser eror since 23/11/2019 with Gtbank,have reported to agbara and wharf road apapa branch without giving tracking information until now nothing has been down for #31,500.David

    Reply
  3. Ejogheneta Onojake says:
    January 22, 2020 at 10:39 am

    POS dispenser eror since 23/11/2019 with Gtbank,have reported to agbara and wharf road apapa branch without giving tracking information until now nothing has been down for #31,500. David

    David , any luck on your POS error? I will tell you what other steps to take. God bless!

    Reply
  4. PRECIOUS says:
    November 21, 2020 at 8:12 am

    ECOBANK INCREASED MY LOAN RATE BY 2 PERCENT, AS AT THE TIME THE EFFECTED THIS CHANGE MPR WAS UNCHANGED. WHEN I ASKED WHY MY LENDING RATE WAS CHANGED WHEN MPR WAS STILL THE SAME, THEY TOLD ME MPR DOES NOT AFFECT LENDING RATE.

    ALSO, MPR HAS CHANGED LIKE 3 TIMES ON THE COURSE OF THIS LOAN AND ECOBANK HAS ALSO REFUSED TO APPLY A DOWNWARD REVIEW ON THE LOAN RATE, IS THAT PROPER?

    IS IT TRUE THAT MPR DOES NOT AFFECT LENDING RATE?

    DOES IT MEAN THAT A BANK THAT WAS ABLE TO DO AN UPWARD REVIEW ON A RUNNING FACILITY, CAN NOT ALSO DO A DOWNWARD REVIEW ON A RUNNING FACILITY?

    WHY IS THE REVIEW CONDITION UNILATERAL?

    PLS . I NEED HELP HERE

    Reply

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