The Central Bank of Nigeria (CBN) has taken a decisive step to empower bank customers across the nation. The apex bank has published a clear, step-by-step guide detailing how Nigerians can formally escalate complaints against their banks and other financial institutions for unresolved issues.
CBN's Direct Channels for Customer Complaints
In a recent announcement made on the social media platform X, the CBN provided dedicated contact points for aggrieved customers. This initiative is designed to promote transparency and accountability within Nigeria's banking sector while ensuring a faster resolution process for consumer grievances. Nigerians are now encouraged to actively use these new channels to safeguard their financial rights and support fair banking practices.
The guidelines cover a range of common banking problems, including but not limited to wrongful debits or credits, failed transactions, and excessive or unexplained charges. The CBN's move is part of its ongoing Consumer Education Series, aimed at financially empowering the public.
The Step-by-Step Escalation Process
According to the detailed guidelines, the first and most crucial step is for the customer to report the complaint directly to the financial institution where the issue occurred. The CBN emphasizes that customers must obtain a reference or tracking number from the bank as proof that the complaint has been officially logged.
Financial institutions are typically given a window to resolve these matters. While many issues, especially failed transactions, are resolved quickly, the CBN allows banks up to two weeks (14 days) to provide a resolution. If the bank fails to resolve the issue within this period, or if the customer is dissatisfied with the proposed solution, the matter can then be escalated to the CBN.
To escalate a complaint, customers have two primary options:
- Send an email to cpd@cbn.gov.ng.
- Submit a written complaint to the Director of the Consumer Protection and Financial Inclusion Department at any CBN office nationwide.
Essential Information for a Successful Complaint
To ensure a prompt and fair resolution, the CBN advises that all complaints must be clear, concise, and contain the following six key pieces of information:
- The complainant's full name, contact information, and email address.
- The name of the bank and the affected account number.
- The date and channel (e.g., ATM, mobile app, POS) of the disputed transaction.
- The exact amount of money involved.
- Any supporting documents or evidence.
- Proof that the complaint was first lodged with the bank (like the reference number).
The regulator has stated that providing accurate and complete information significantly increases the chances of a swift resolution. For additional guidance, customers can visit the official CBN website at www.cbn.gov.ng or contact the bank’s dedicated consumer support line at +234 817 665 7060.
Unified Shortcode for Complaints in the Works
In a related development aimed at further simplifying the process, the CBN is collaborating with the Nigerian Communications Commission (NCC). The goal is to introduce a unified short code that will allow bank customers to reach their financial institutions easily, even without internet access.
This initiative was disclosed by the Director of the CBN's Consumer Protection and Financial Inclusion Department, Dr. Aisha Isa-Olatinwo. She explained that the move became necessary as consumers increasingly struggle to identify the correct channels for lodging complaints, especially with the growing overlap between telecom and banking services.
By outlining these procedures and developing new access channels, the CBN reinforces its commitment to protecting Nigerian consumers and ensuring a more responsive and fair financial ecosystem.
