daily until the directive is complied with or as may
N2,000,000 daily until
the directive is complied with or as may be determined by the CBN from time to
time.
Consequently, the CBN
directed banks to log every complaint received from their customers into the
Consumer Complaints Management System (CCMS) in addition to generating a unique
reference code for each complaint lodged, which must be given to the customer.
Failure to log and provide the code to the customer, it added, amounts to a
breach and is sanctionable with a penalty of N1,000,000 per breach.
The charges prescribed
in the G
find uide were arrived at after extensive consultations with stakeholders
and is expected to enhance flexibility, transparency and competition in the
Nigerian banking industry.
This Guide, which
replaces the Guid
house e to Charges by Banks and Other Financial Institutions issued
in 2017, takes effect from January 1, 2020, and maybe reviewed from time to
time to reflect changes in the business environment.
The CBN, therefore,
urged financial services providers and their customers alike to acquaint
themselves with
business the provisions of the Guide and be properly guided accordingly.
Vanguard
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