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Thursday, July 11, 2024

How To Lodge Complaint Against Any Financial Institution Regulated By CBN – [Complete Guide]

The Central Bank of Nigeria (CBN) has released a guide on how and where bank customers can lodge a complaint against any Financial Institutions regulated by the apex bank.
Financial Institutions regulated by the CBN include Commercial Banks, Microfinance Banks, Primary Mortgage Institutions and Discount Houses.

In an infographic published via its official X (formerly Twitter) handle on Wednesday, the apex bank explained in detail how financial-related cases can be handled and the processes involved for the customers.

The CBN Infographic reads:

Contact Your Institution First: The Central Bank of Nigeria (CBN) issued a circular in 2021 directing all banks to expand their existing ATM HELP DESK to handle all types of consumer complaints.

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 2 weeks (it might be less or more in some cases) for the issue to be resolved.

If Your Bank Fails To Resolve Your Complaint: You have the right to escalate your complaint to the Director, Consumer Protection Department (CPD) of the CBN after lodging your complaint, when your bank fails to acknowledge within three (3) days or issue a tracking number, or fails to resolve the complaint within the timelines as stipulated by the Consumer Protection Regulation (CPR).

Complaints to the Consumer Protection Department: 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 (CPR).

Contacting Consumer Protection Department (CPD): You can contact the CPD through the following channels:
Emails: cpd@cbn.gov.ng
– Letter:
The Director
Consumer Protection Department
Central Bank of Nigeria
Central Business District,
Garki, Abuja

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“Your letter of Complaint should be addressed to the Director, of the Consumer Protection Department. You can submit your letter at the CBN Head Office OR at any of the CBN Branches Nationwide,” the apex bank noted.

On whether CPD deals with all types of complaints, the CBN confirmed in the affirmative that it deals with all financial-related complaints in so far it is against a Financial Institution within its regulatory purview.