The Central Bank of Nigeria (CBN) announced the deployment of its Consumer Complaint Management System (CCMS), described as an automated system aimed at easing complaints management to encourage public confidence in the country’s financial system.
The statement published on 28 December 2018, disclosed that the move is part of the CBN’s job to ensure that the banking and finance sector is stable and conducive for all.
According to the statement, “The Central Bank of Nigeria, in furtherance of its mandate to promote a stable finical system, embarked on the development of a Consumer Complaint Management System (CCMS), an automated system aimed at easing complaints management to engender public confidence in the financial system”.
In light of the initiative, the CBN has made it compulsory for banks and other financial institutions to abide by three important guidelines:
- To assign a tracking to every complaint they receive from their respective customers.
- To acknowledge receipt of every complaint through an emailed response, which will also include the tracking number that has been assigned.
- To commence the uploading of all complaints on the CCMS.
Starting from 2 January 2019, banks and other financial institutions who do not comply shall attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.
The initiative was designed to address customer complaints, which occur regularly in the Nigerian banking sector. The CBN disclosed that it had received more than a thousand complaints from dissatisfied bank customers during the first quarter of 2018.
Although the number isn’t alarming, the main issue is the fact that the complaints aren’t treated with urgency. To address this issue, the CBN also mandated banks to resolve customer complaints within a two-week period.