The Central Bank of Nigeria (CBN) has tutored members of the public on how to report their financial institutions each time they are displeased with their services or products.
Through a guide addressed to bank customers, the apex bank revealed how and where they can lodge their complaints against the financial institutions in the country, including commercial banks, microfinance banks, primary mortgage institutions, and discount houses.
“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 two weeks (it might be less or more in some cases) for the issues to be resolved,” it said.
Admonishing bank users to escalate the complaint to the Director, Consumer Protection Department of the CBN after lodging a complaint, when the bank fails to acknowledge within three days or issue a tracking number or fails to resolve the complaint within the timelines as stipulated by the Consumer Protection Regulation, CBN encouraged them to know their rights.
The regulator’s guide read further: “You can only direct your complaints to CPD upon the failure of your bank/financial institution to resolve your complaint within the timeline stipulated by the Consumer Protection Regulation.
“You can contact the CPD through the following channels: Consumer Protection Department, Garki, Abuja. Your letter of complaint should be addressed to the Director, Consumer Protection Department. You can submit your letter at the CBN Head Office or at any of the CBN branches nationwide.”
What you should know
Between January 1, and December 31, 2020, Nigeria’s top 10 banks, including Zenith Bank, Access Bank, Wema Bank, and Polaris Bank, recorded a total of 329,496 unresolved customer complaints.
The figures were arrived at after the banks released their financial report for the year 2020.
