Despite regulatory efforts by the Central Bank of Nigeria (CBN) to sanitize the banking industry, curtailing cases of fraud – arbitrary charges and unresolved customer complaints, cases of unreversed ATM-trapped funds and money disappearing from customers’ accounts persist.
The situation is exacerbated by the insouciant attitude of financial institutions when they receive such complaints from depositors, leaving the victims with limited choice of suing the responsible financial company or losing their money.
In view of this, the CBN on Friday last week released a guide on how depositors can lodge a complaint against financial institutions such as Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Primary Mortgage Institutions (PMBs) and Merchant banks, under its regulation.
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In 2021, in an attempt to curtail the banks’ lackluster approach to cases of ATM dispense error, the central bank initiated a policy under Consumer Protection Regulation, to fine guilty banks N10,000 for every failed transaction not reversed within 24 hours. But that did not change much as most banks’ customers don’t know how to escalate the matter to the CBN.
Early last year, the central bank issued a guideline on how customers affected by any of the shortcomings could file a complaint. Notwithstanding, as reports of banking fraud and other shortfalls liter social media daily, the CBN has deemed it necessary to remind the public of what to do when they have a complaint against their banks.
Contact your institution first
Consequently, 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.
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 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 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: [email protected], letter to the director, 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.
The CBN deals with all financial related complaints insofar as it is against a Financial Institution within its regulatory purview.