The Central Bank of Nigeria says it has introduced a consumer complaints management system, which will take effect from January the 2nd 2019.
This will enhance financial stability and promote consumer confidence in the banking system.
Director, Consumer Protection Department, CBN, Kofo Salam-Alada disclosed this, noting that Banks and Other Financial Institutions are to assign tracking number for every complaint received.
They are also to issue an acknowledgment, which will contain the assigned tracking number to the consumer and commerce upload of complaints to the management system daily.
The Apex Bank states that non-compliance with the circular will attract sanctions.