CBN orders banks, OFIs to assign tracking number to customers’ complaints

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The Central Bank of Nigeria (CBN) on Friday directed deposit money banks and other financial institutions (OFIs) to with effect from January 2, 2019 assign tracking number for every complaint received from their customers.

In furtherance of its mandate to promote a stable financial system, the CBN embarked on the development of Consumer Complaints Management System (CCMS), an automated system aimed at easing complaints management to engender public confidence in the financial system.

In a circular signed by Kofo Salam-Alada, director, consumer protection department, the banks and OFIs are expected to issue an acknowledgment, which shall contain the assigned tracking number, to the customer, and commence upload of complaints to the CCMS on a daily basis.

Furthermore, banks and OFIs are enjoyed to always comply with timeline stipulated in the CCMS for resolution of various categories of complaints.

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The CBN stressed that non-compliance with the circular shall attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA) Cap B3, LFN 2004.

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ByHope Moses-Ashike

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.