Has your bank deducted money from your account
unjustifiably? Have you been denied interest on your savings or deposits? Have
you had unauthorised ATM or POS transactions on your account? Or lost your
savings to fraudsters? And has your bank refused to resolve the problems?
You can seek redress against the errant bank through the
Central Bank of Nigeria, the regulator of the banking system and all financial
institutions. Appealing to the CBN is like appealing to the Supreme Court.
However, the CBN Consumer Protection Department recommends
that you first exhaust seeking redress in your bank.
Here is the Guide on how and where you can lodge a complaint
against Financial Institutions regulated by the Central Bank of Nigeria such as
Commercial Banks, Microfinance Banks, Primary Mortgage Institutions and
Discount Houses.
Contact Your Institution First
The Central Bank of Nigeria (CBN) issued a circular in 2011
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 in some banks) for the issue to be
resolved.
If Your Bank Fails To Resolve Your Complaint
If after lodging your complaint your Bank still fails to
engage you and resolve the complaint within 2 Weeks as provided for in the ATM
HELP DESK Circular, you have the right to escalate your complaint to the
Consumer Protection Department (CPD) of the CBN.
Complaints to Consumer Protection Department
Note that you can only direct your Complaints to CPD upon
the failure of your Bank/Financial Institution to resolve your complaint within
the 2 weeks timeline given by the CBN.
Contacting Consumer Protection Department
You can contact the CPD through the following channels:
E-mail: cpd@cbn.gov.ng
Letter: Director, Consumer Protection Department
Central Business District, 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 Central Bank of Nigeria branches nationwide. If
you live in Lagos, the CBN has an office on Lagos Island. Physically drop the
letter at the department. Workers there are receptive and will help you.
Does the CPD Deal with all Types of Complaints?
The CBN deals with all financial related complaints so far
as it is against Financial Institutions within its regulatory purview.
How to Write an Effective Complaints Letter
Your complaint should be clear and concise to avoid
ambiguity. The Complaint letter (petition) should contain amongst other things
the following:
• Name, Address, Contact Phone Number & E-mail of the
Complainant;
• Name of your Financial Institution;
• Personal banking details (Do NOT include PIN &
Passwords, please;)
• History/Date of the transaction in dispute;
• Amount claimed (if any);
• Attach relevant documents to support your claim and;
• Evidence to show that you have first lodged the complaint
at your bank.
If you do not want to write long grammar, the CBN on its
website provides a template to lodge the complaint online. It’s just a click
away:
https://www.cbn.gov.ng/Contacts/Complaints/.
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