The Central Bank of Nigeria (CBN) has embarked on the development of the consumer complaints management system (CCMS) to engender public confidence in the financial system.
The apex bank said that the CCMS was introduced to promote a stable financial system.
The apex regulator in a circular to all institutions siged by Director , Consumer Protection Department of the CBN, Kofo Salam-Alada said with effect from January 2, 2019, banks and other financial institutions BOFIs are required to assign tracking number for every complaints received from their customers.
The banks are expected to issue an acknowledgement which shall contain the assigned tracking number and commence upload of complaints to the CCMS on the daily basis.
In addition, the CBN urged BOFIs to always comply with the timelines stipulated in the CCMS for resolution of the various categories of complaints.
The apex bank also warned that non compliance of with the circular will attract sanctions in line with the banks and other financial institutions Act (BOFIA).