The Central Bank of Nigeria (CBN) extends the timeline for resolution of all categories of complaints on excess charges and loans form 14 to 30 days.
The new deadline according to a circular signed by Kevin Amugo, director, financial policy and regulation department, CBN, takes effect June 30, 2014.
The Apex bank had in a circular referenced FPR/DIR/CIR/GEN/01/020 dated August 16, 2011 directed Deposit Money Banks (DMB) 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.
However, the CBN observed that the 14-day timeline for the resolution of complaints on excess charges and loans has been inadequate.
“Consequently, the CBN has approved an extension of timeline for resolution of all categories of complaints on excess charges and loans form 14 to 30 days. This circular takes effect June 30, 2014. Please be guided accordingly”, the CBN said.
HOPE MOSES-ASHIKE
