CBN extends complaints resolution period to 30 days

The Central Bank of Nigeria, CBN, has extended the timeframe for the resolution of banks’ customers’ complaints over excess charges and loans by banks from 14 to 30 days.

A circular with reference number: FPR/DIR/CIR/GEN/04/009 issued by the Director, Financial Policy and Regulation Department, Mr. Kevin Amugo, and dated June 30, 2014, explained that the extension became necessary in view of the apex bank’s discovery that the earlier two-week period was inadequate.

The new policy, according to the CBN,

applies to all Discount Houses and other financial institutions operating in the country.

It was learnt that the decision to extend the period within which banks and other financial institutions should resolve customers’ complaints had to be extended in anticipation of the large volume of complaints that could arise following the implementation of the cashlite policy.

The implementation of the cashlite policy of the CBN commenced across the country on Tuesday after a successful implementation of the policy in the six pilot states of Abia, Anambra, Federal Capital Territory, Lagos, Ogun, Kano and Rivers.

Under the policy intended to reduce cash transaction, banks honour third party cheques valued at a maximum of N150, 000 across the counter.

Cash withdrawal is now limited to N500, 000 for personal and N3 million for corporate accounts. Cash withdrawals above the limits attract “excess withdrawal charges”.

However, the new management of the apex bank has decided to suspend the charges by a year, ostensibly to allow the effective deployment of the cashless infrastructure.

Vanguard