The Central Bank of Nigeria (CBN) has directed commercial banks and financial institutions to resolve customer complaints within 72 hours, or incur a penalty of N100,000 per day. This is part of the CBN’s 2024/2025 monetary, credit, foreign trade, and exchange policy guidelines.
Banks that fail to address Automated Teller Machine (ATM)-related complaints within the stipulated timeframe will attract the penalty. The CBN emphasizes its commitment to ensuring compliance with established fees and charges.
Other penalties include a N50,000 per day fine for failure to initiate automatic reversal of failed ATM transactions, a penalty equal to the refunded amount for failure to provide camera footage for disputed ATM transactions, and an initial fine of N250,000 and daily charge of N50,000 for banks without ATM cameras.
The CBN also outlines guidelines on interest rates, stating rates will remain market-driven, influenced indirectly through adjustments to the Monetary Policy Rate. Banks must comply with guidelines on interest rates, account statements, and error resolution.
This directive aims to protect customers’ interests, promote economic stability, and ensure best practices in financial institutions.
