The Central Bank of Nigeria has ordered Deposit Money Banks, discount houses and other financial institutions to ensure that customers complaints relating to excess charges and loans are resolved within 30 days.

The CBN, in a circular posted on its website on Thursday, said it increased the timeline for the resolution of the complaints relating to excess charges and loans from 14 to 30 days so as to enable the banks to properly deal with the issues.

In the statement signed by its Director of Financial Policy and Regulation, Mr. Kelvin Amugo, the central bank said the latest directive followed a circular issued in 2011 ordering banks to set up and expand their existing Automated Teller Machine help desks in order to handle customers’ complaints and resolve same within 14 days.

The circular read, “Further to the circular dated August 16, 2011, directing Deposit Money Banks, discount houses and other financial institutions to set up and/or expand their existing ATM help desks to handle all customer complaints and resolve same within 14 days, the CBN has observed that the 14-day timeline for the resolution of complaints on excess charges and loans has been inadequate.

“Consequently, the CBN has approved an extension of the timeline for the resolution of complaints on excess charges and loans from 14 to 30 days. This circular takes effect from June 30, 2014.”

The CBN has stepped up the supervision of the banking sector since Mr. Godwin Emefiele assumed office as its governor last month.

A few days ago, the central bank barred loan defaulters from getting access to further credit.

Two weeks ago, the bank had introduced new guidelines for the Bureau De Change segment of the financial services industry.


http://www.punchng.com/business/business-economy/resolve-bank-customers-complaints-in-30-days-cbn/

It seems like better days are ahead with this new CBN governor on board!