Yemisi Izuora
The Central Bank of Nigeria (CBN), has launched a Consumer Complaints Management System (CCMS), as part of efforts to promote a stable financial system.
The CCMS is an automated system aimed at easing complaints management to engender public confidence in the financial system.
The CBN to ensure effectiveness of the move has directed banks and Other Financial Institutions, BOFIs, that with effect from 2nd January, 2019, they are expected to Assign Tracking Number for every complaint received from their customers, Issue an acknowledgement, which shall contain the assigned Tracking Number, to the customer; and Commence upload of complaints to the CCMS on a daily basis.
In addition, BOFIs are enjoined to always comply with the timelines stipulated in the CCMS for resolution of the various categories of complaints.
Please note that non-compliance with this circular shall attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap 83, LFN 2004.