CBN Approves New Guideline for Customers to Report Service Failure

CBN Approves New Guideline for Customers to Report Service Failure

  • The governor of the CBN has approved the bank's reviewed service charter policy document
  • The 34-page document serves as a guide for customers to report service failure
  • It also spells out the bank's commitment to providing citizen-friendly governance journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

The governor of the Central Bank of Nigeria, Olayemi Cardoso, has approved the bank's reviewed service charter.

CBN approves new guide for customers to report service failure
The approved CBN's service charter became effective on November 21, 2023. Photo Credit: CBN
Source: UGC

The bank stated this in a notice on its website titled, "Governor Cardoso approves the Central Bank of Nigeria's Service Charter."

The update became effective from November 21, 2023.

More about the service charter

The service charter is a document that describes the process for addressing service failure in the CBN's services. The document also entails a standard customer complaints form for reporting such incidents.

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Also, the charter enables the bank to follow SERVICOM Nigeria's guidelines for enhancing customer service delivery.

In addition to outlining what the apex bank expects from its external customers, the 34-page document guarantees how it will collaborate with them to accomplish its service objectives.

The bank's mandates, vision, mission, and basic values are spelt out in detail in this document.

It includes a list of the services the bank provides through its several departments and the service requirements for each.

The Business Facilitation Act (BFA) 2022 mandates the service charter to promote business facilitation in Nigeria.

The CBN governor reaffirmed the bank's dedication to delivering high-quality services efficiently, transparently, and responsibly to promote more responsive and citizen-friendly governance.

The apex bank recently mandated commercial and merchant banks to start debiting various loan defaulters.

Nigerians react as CBN introduces changes to savings, current accounts also reported that Nigerians on social media expressed mixed feelings about the CBN directive mandating bank account holders to link their accounts to Bank Verification Numbers (BVNs) and National Identity Numbers (NINs) for all bank transactions beginning March next year.

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The apex bank said in a circular signed by its Director of Payment System Management Department, Chibuzo Efomi, and the Director of Financial Policy and Regulation Department, outlined the implementation of the new policy.

The CBN directed banks that, effective immediately, new Tier -1 accounts or wallets can only be opened with BVN or NIN.


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