Many of us can tell the "shege" that traditional banks have shown us when fintech companies like OPAY, Moniepoint have not surged. Then, traditional banks are known for their stuck transactions and delay resolving the issues. Sometimes, it takes more than two weeks to resolve. Some customers may even leave the money and open another bank account to where they think it's better. But the funny part of it is that all of them are the same.
Until now, banking system has changed in Nigeria with fintech companies and mobile money platforms simplifying the process. What I mean is that there's no more delays in transaction and in rare cases where delay come in, it will certainly be resolved in less than 24 hours.
Seeing this simplifications that come to banking system in Nigeria through fintech companies and mobile money platforms in Nigeria, traditional banks decided to upgrade their systems and networks to remain competitive in the market because the fintechs and MMOs have taken more than 70% of their customers.
In addition to the simplicities that fintechs and MMOs brought to banking system in Nigeria, the Central Bank of Nigeria (CBN) also formed an agency called "Consumer Protection Department (CPD)". The Consumer Protection Department of the CBN is responsible for safeguarding the rights and interests of financial consumers.
Additionally, the CBN's CPD makes sure that fair treatment are possible from banks and other financial institutions to their customers in Nigeria. They also handle consumer complaints, promotes financial literacy, and enforces regulations to prevent unfair practices. More so, they work to enhance trust in the financial system by ensuring transparency, accountability, and compliance with consumer protection laws.
So, if you are experiencing any unresolved issues with any financial institutions in Nigeria, such as unfair or unexplained charges, poor customer service, or unauthorized transactions on your accounts (either through bank transfers or ATM withdrawals), you can easily report such bank or institution to the Consumer Protection Department of the CBN.
However, note that CBN requires you to first lodge complains to bank in question, and if the issue you reported is not resolved within two weeks, you can then escalate the matter to the CBN's Consumer Protection Department.
To report a bank to CBN's Consumer Protection Department (CPD), you will need to send an email to cpd@cbn.gov.ng, or contactcbn@cbn.gov.ng. You can also talk to representative on call via 07002255226. Furthermore, you can also write a letter to the Director of the Consumer Protection Department at the CBN Headquarters or any CBN state branch.
Here's the sample of how to report a bank to CBN:
[Your Name]
[Your Address]
[City, State, ZIP Code]
[Your Phone Number]
[Your Email]
[Date]The Director,
Consumer Protection Department,
Central Bank of Nigeria,
Central Business District,
Abuja, Nigeria.
Email: cpd@cbn.gov.ngSubject: Complaint Against [Bank Name] for Failure to Resolve Transaction Issue
Dear Sir/Madam,
I am writing to formally lodge a complaint against [Bank Name] regarding a failed/unresolved transaction that has remained unresolved for over 30 days despite multiple attempts to get the issue rectified.
On [Date of Transaction], I carried out a transaction of ₦[Amount] via [transaction method: ATM, POS, online transfer, mobile banking, etc.], with transaction reference number [Transaction Reference Number]. However, the transaction was not successful, and my account was debited.
I immediately contacted my bank and lodged a complaint on [Date of Complaint], with complaint reference number [If available]. Despite several follow-ups, the bank has failed to resolve the issue within the stipulated timeframe of 30 days, which is contrary to the CBN guidelines on customer complaints resolution.
I kindly request the Consumer Protection Department of the CBN to intervene in this matter and ensure that my funds are refunded promptly. Enclosed with this letter are copies of all relevant documents, including:
- Proof of transaction (bank statement, SMS, or email confirmation)
- My complaint to the bank and any responses received
- Any other supporting documents
I would appreciate your urgent attention to this matter and look forward to your intervention in ensuring a swift resolution. Please let me know if any additional information is required.
Thank you for your time and assistance.
Sincerely,
[Your Full Name]
Remember, you can send this complaint via email to cpd@cbn.gov.ng or deliver it as a letter to any CBN office in Nigeria's states.
