The Central Bank of Nigeria (CBN) has issued a new directive imposing hefty fines on commercial banks, payment service providers, and financial institutions that fail to address customer complaints within 72 hours. This initiative is part of the CBN’s efforts to improve the resolution of customer grievances, particularly issues related to Automated Teller Machine (ATM) transactions.
Under the directive, financial institutions will face a daily fine of ₦100,000 for failing to respond to customer complaints or inquiries from the CBN within the stipulated timeframe. Additionally, if an ATM transaction fails and the bank does not initiate an automatic refund, they will be required to refund the disputed amount and pay an extra ₦50,000 daily.
The CBN also mandated that banks provide camera footage for disputed ATM transactions. If a bank fails to provide footage, they must refund the disputed amount and pay a penalty equal to that sum. In cases where an ATM lacks a camera, the bank will face an initial fine of ₦250,000 and a daily fine of ₦50,000 until the issue is resolved.
These regulations fall under the CBN’s broader 2024/2025 monetary, credit, foreign trade, and exchange policy guidelines, designed to ensure compliance with industry standards on fees and charges. The CBN reiterated that interest rates will remain market-driven, with adjustments to the Monetary Policy Rate (MPR) influencing rates indirectly. Savings account interest will be calculated daily and credited monthly without a minimum balance requirement.
Banks must also provide monthly account statements free of charge and ensure the accuracy of charges and interest payments. In cases where errors occur, such as underpayments or excessive charges, banks are required to refund customers with simple interest within two weeks, accompanied by an apology.
These policies reinforce the CBN’s commitment to safeguarding consumer rights and ensuring the financial sector adheres to best practices in managing customer funds and complaints.
