Don't Miss


Home   >   Business   >   Industries   >   Banking   >   CBN fixes time limit for resolution of customers’ complaints

CBN fixes time limit for resolution of customers’ complaints

By on February 19, 2015

The Central Bank of Nigeria (CBN) has introduced a six years limit for the resolution of bank customers’ complaints.
The CBN, which stated this in a circular addressed to all banks, discount houses and other financial institutions that was posted on its website on Tuesday, stated that the new policy took effect from February 16, 2015.

The circular was signed by the Director, Financial Policy and Regulation Department, CBN, Kevin Amugo.

The central bank said it had in recent time experienced increasing challenge in ensuring the timely resolution of complaints from consumers of financial services against financial institutions under its purview, due to non-availability or delay in receiving documentary evidence from both parties.

This the CBN noted underscored the need for a time bar policy for complaints management in the financial services industry.

Consequently, it revealed that after due consultation with relevant stakeholders in the financial services industry and in line with the provisions of the limitation legislations; Money Laundering (Prohibition) Act 2013; and CBN Anti-money Laundering and Counter Financing of Terrorism (AML/CFT) Regulations for Banks and Other Financial Institutions in Nigeria 2013, the CBN in exercise of the powers conferred on it by the CBN Act 2007 and the Bank and Other Financial Institutions Act (BOFIA) 2004 as amended, it decided to “introduces a time limit of six years for the resolution of consumer complaints effective from the date of transactions.”

However, it explained that the time limitation would not apply to fraud cases; complaints already lodged with the financial institutions and the CBN; and international electronic payment transactions whose records are not retained beyond 180 days on the dispute resolution application (arbiter).

It urged financial institutions to educate and communicate the development to their customers.

 

[ThisDay]