Regulatory Alerts2014-07-01 | FPR/DIR/CIR/GEN/04/009Circular on the Extension of Timeline for the Resolution of all Categories of Complaints on Excess Charges and Loans from 14 to 30 Days
The Central Bank of Nigeria (CBN) has extended the timeline for resolving complaints on excess charges and loans from 14 to 30 days due to the previous timeframe being deemed inadequate. This decision, effective from June 30, 2014, was made with a view to improve consumer service by providing financial institutions additional time to address customer concerns.
CENTRAL BANK OF NIGERIA Financial Policy & Regulation Department Central Business District P.M.B. 0187 Garki, Abuia.
09 462 37401 E-mail: fprd@cbn.gov.ng REF: FPR/DIR/CIR/GEN/04/009 June 30, 2014 TO: ALL BANKS, DISCOUNT HOUSES AND OTHER FINANCIAL INSTITUTIONS.
CIRCULAR ON THE EXTENSION OF TIMELINE FOR THE RESOLUTION OF ALL CATEGORIES OF COMPLAINTS ON EXCESS CHARGES AND LOANS FROM 14 TO 30 DAYS Further to our circular referenced FPR/DIR/CIR/GEN/01/020 dated 16th August, 2011, directing Deposit Money Banks (DMBs), Discount Houses and Other Financial Institutions to set up and/or expand their existing ATM Help Desks to handle all consumer complaints and resolve same within 14 days, the Central Bank of Nigeria (CBN) has observed that the 14-day time line 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 all categories of complaints on excess charges and loans from fourteen (14) days to thirty (30) days. This circular takes effect from June 30, 2014.
Please, be guided accordingly.
KEVIN N. AMUGO Director, Financial Policy and Regulation Department