Why CBN introduced Consumer Complaint Management System to banks

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CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

By Olawunmi Ashafa

The Central Bank Of Nigeria (CBN) has announced the deployment of its Consumer Complaint Management System (CCMS) to ease the process of addressing issues.

The bank made the disclosure in a circular on its Website on Friday, saying the automated system would help to ease complaint management.

It said the CCMS would ultimately boost Nigerians’ confidence in the banking sector.

The bank also said the move was part of the apex bank’s job to ensure that the banking and finance sector was stable and conducive for all.

“The Central Bank of Nigeria (CBN) in furtherance of its mandate to promote stable financial system, embarked on the development of a Consumer Complaint Management System (CCMS).

“This is an automated system aimed at easing complaints management to engender public confidence in the financial system.

“In view of this development, the CBN has made it compulsory for banks and other financial institutions to abide by three important guidelines,” it said.

The regulator said that the banks would have to assign a tracking to every complaint received from their respective customers.

It said the banks also needed to acknowledge receipt of every complaint through an e-mailed response.

This, it noted, would also include the tracking number that has been assigned to commence the uploading of all complaints on the CCMS.

The CBN advised banks and other financial services operators to ensure that they adhered to those stipulations which would start on Jan. 2, 2019.

It added, “Failure to do this will attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.”

Read also: CBN tasks financial institutions on funding MSMES


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