The Central Bank of Nigeria (CBN) has directed that banks and other financial institutions must settle customers’ complaints on issues of overcharge, unauthorised deductions and other matters within two weeks.
Mr Tajudeen Ahmed, Head of Complaints Management Division, said the CBN would ensure that bank customers received redress on issues of excess charges or unauthorised withdrawal.
He explained that any charge outside what is contained in the circular was not allowed and should not be charged.
“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”, he told NAN.
“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.
Ahmed advised customers with unresolved complaints to contact the CBN by writing to the Director Consumer Protection Department or send an email to email@example.com.
“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.
“I have also observed and noted this. Don’t forget that at the beginning, it wasn’t like this. Over time, we started having this problem.
“One of the reasons is that the quantum of N500 denomination is much more than that of N1,000 denomination.
“When we approached the banks about these problems, they said that the machines become easily faulty when it is set to dispense up to N30, 000 to N40, 000 units.
“However, CBN has directed that the machines that allow payment of up to N30,000 to N50,000 should be installed.”