News Column

CBN Gives Banks 30 Days to Resolve ATM Dispute

July 6, 2014

Kayode Ekundayo



The Central Bank of Nigeria (CBN) has extended resolution of complaints on excess charges and loans from 14 days to 30 days with effect from June 30, 2014.

In a memo to all money deposit banks, discount houses and other financial institutions with reference FPR/DIR/CIR/GEN/04/009 and signed by Kevin Amugo, Director, Financial

Policy and Regulation Department, CBN, said it has been observed that the 14-day timeline earlier approved for the resolution of complaints on excess charges and loans has been inadequate.

"Further to our circular referenced FPR/DIR/CIR/GEN/01/020 dated 16th August, 2011 directing deposit money banks, discount houses and other financial institutions to set up and or expand their existing ATM help desk to handle all customers' complaints and resolve same within 14 days, the CBN has observed that the 14-day timeline for the resolution of complaints on excess charges and loans has been inadequate."

Meanwhile, the apex regulatory authority has prohibited loan defaulters from further access to credit facilities in the Nigerian banking system to the tune of N500 million.


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Source: AllAfrica


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