Regulatory Alerts2020-05-04
Bank of Zambia Customer Complaints Handling and Resolution Directives
The Bank of Zambia issued these directives to establish mandatory minimum standards and standardized procedures for all regulated financial entities handling customer complaints. The rules require institutions to maintain dedicated complaint units, centralize records, adhere to strict resolution timelines ranging from three to fifteen working days, and submit quarterly performance reports to the regulator. A structured three-tier internal escalation process is mandated, culminating in CEO review, while the central bank will only intervene externally after internal remedies and industry association mechanisms are exhausted.
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