CBN mandate banks, other financial institutions to embrace CCMS

Harboursandport.com: Lagos -- The Central Bank of Nigeria (CBN) directed all Banks and Other Financial Institutions (BOFIs) in Nigeria to deployed the Consumer Complaints Management System (CCMS) as a means of promoting a stable financial market. 

CBN Governor, Godwin Emefiele

CCMS is an automated system aimed at easing complaints management to engender public confidence in financial system.

The new policy, which will take effect from January 2, 2019, will be guided by three requirements to be implemented by the BOFIs.

In a press release to that effect signed by the Director, Consumer Protection Department of CBN, Mr. Kofo Salam-Alada, all BOFIs must assign tracking numbers to every complaint received from their customers, as well as issue an acknowledgement which will contain the assigned tracking number to the customer.

They are also expected to upload complaints to the CCMS daily.

The statement also noted that they are to be time conscious as to enable proper resolution of all complaints received.

The statement read in part, “BOFIs are enjoined to always comply with the timeliness stipulated in the CCMS for resolution of various categories of complaints.”

It also warned them to adhere to the rules, as defaulters will be sanctioned in accordance with the law.

“Non-compliance with this policy shall attract sanctions in line with the Banks and other Financial Institution Act (BOFIA), Cap B3, LFN 2004,” he concluded.