Regulatory Alerts2018-12-24 | CPD/DIR/GEN/CIR/01/001Circular to All Banks: Deployment of the Consumer Complaints Management System (CCMS)
The Central Bank of Nigeria has implemented the Consumer Complaints Management System (CCMS), an automated system for managing consumer complaints and boosting public trust in the financial system. Banks and Other Financial Institutions (BOFIs) must now assign tracking numbers to customer complaints, issue acknowledgments, and upload complaints to the CCMS daily. Non-compliance with these directives will result in sanctions as per the Banks and Other Financial Institutions Act (BOFIA).
CENTRAL BANK OF NIGERIA Consumer Protection Department Central Business District P.M.B. 0187 Garki. Abuja Tel. 09-46236806, 36804 Email:cpd@cbn.gov.ng CPD/DIR/GEN/CIR/01/001 21st December, 2018 CIRCULAR TO ALL BANKS DEPLOYMENT OF THE CONSUMER COMPLAINTS MANAGEMENT SYSTEM (CCMS) The Central Bank of Nigeria (CBN), in furtherance of its mandate to promote a stable financial system embarked on the development of the Consumer Complaints Management System (CCMS), an automated system aimed at easing complaints management to engender public confidence in the financial system.
With effect from 2nd January, 2019, Banks and Other Financial Institutions (BOFIs) are required to: Assign Tracking Number for every complaint received from their customers; 1.
Issue an acknowledgement, which shall contain the assigned Tracking Number, 2.
to the customer; and Commence upload of complaints to the CCMS on a daily basis.
In addition, BOFIs are enjoined to always comply with the timelines stipulated in the CCMS for resolution of the various categories of complaints.
Please note that non-compliance with this circular shall attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.
Yours faithfully, Kofo Salam-Ala Director