urged financial services providers and their custome

 

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 Compl usatimes.cc aints 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 pr usanews.cc ovide 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 Guide 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 Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes news 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 the provisions of the Guide and be properly guided accordingly.

Vanguard

                    

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