CBN Shares 6 Steps on How Nigerians Can Escalate Unresolved Bank Complaints

• The CBN has provided dedicated phone numbers and online platforms for customers to report complaints against banks and financial institutions
• The apex bank said that it is designed to promote transparency and accountability in Nigeria’s banking sector while ensuring faster resolution of customer issues
• Nigerians are encouraged to use these new channels to safeguard their rights, resolve grievances promptly, and support fair banking practices

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

The Central Bank of Nigeria (CBN) has outlined clear steps for customers to report banks and financial institutions over issues such as wrongful debits or credits, failed transactions, and excessive charges.

In a message on X, the CBN provided guidelines on how customers can escalate their unresolved issues.

Under the CBN guidelines, customers should first report any complaint directly to the financial institution where the issue occurred.

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How to report bank to CBN for unresolved complaints

According to CBN, bank customers must ensure that a reference or tracking number is issued as proof that the complaint has been received.

It added that most issues are typically resolved quickly, especially failed transactions; however, the bank is allowed up to two weeks to resolve complaints.

If there is a delay, CBN advises:

"If the financial institution fails to resolve the issue within this period, or the customer is not satisfied with the resolution, the matter can be escalated to the CBN.

"Complaints can be sent via email to cpd@cbn.gov.ng, or by writing to the Director of the Consumer Protection and Financial Inclusion Department at any CBN office nationwide."

The CBN also advises that complaints should be clear and concise, using these six steps:

• Name, contact information, and email of the complainant
• Name of the bank and account number
• Date and channel of the disputed transaction
• Exact amount involved
• Supporting documents
• Evidence that the complaint was first lodged with the bank

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CBN added:

"Customers seeking additional guidance can visit the CBN website at www.cbn.gov.ng or contact the bank’s call center on +234 817 665 7060."

The regulator emphasised that providing accurate and complete information increases the chances of a prompt and fair resolution.

This explanation forms part of the CBN’s ongoing Consumer Education Series, aimed at empowering Nigerians to safeguard their financial rights and promote transparency in the banking sector.

CBN adopts shortcode for bank complaints

In a related development, Legit.ng reported that the CBN said it is working with the Nigerian Communications Commission (NCC) to introduce a unified short code that will allow bank customers to reach their financial institutions at any time, even without internet access.

This was disclosed by the Director of the Consumer Protection and Financial Inclusion Department at the CBN, Dr Aisha Isa-Olatinwo, during a virtual Consumer Protection Town Hall meeting themed “Ask the Regulator”, organised by Enhancing Financial Inclusion and Advancement (EFInA).

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Isa-Olatinwo said the initiative became necessary as consumers have increasingly found it difficult to identify the right channel for lodging complaints, especially since financial services now overlap between the telecom and banking sectors.

Source: Legit.ng