Business Complaints: How to Report Your Bank to the CBN - A Step by Step Guide

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Nigeria - This is a Guide on how and where you can lodge a complaint against Financial Institutions regulated by the Central Bank of Nigeria such as Commercial Banks, Microfinance Banks, Primary Mortgage Institutions and Discount Houses.

Step 1: Complain at your bank

The first thing to do is to report the complaint at the bank/branch where the issue originated and then allow 2 weeks (it might be less in some banks) for the issue to be resolved. However sometimes, banks are given the grace of 30 days to to resolve complaints on excess charges and loans.

Step 2: Go aboard

If after lodging your complaint your Bank still fails to engage you and resolve the complaint within 2 Weeks or 30 days as the case may be, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN.

Step 3: Contact CBN's CPD

You can contact the CPD through the email address: [email protected]
Letter should be addressed thus:

Director,
Consumer Protection Department
Central Bank of Nigeria
Central Business District, Abuja

You can submit your letter at the CBN Head Office OR at any of the Central Bank of Nigeria branches nationwide.


How to write an effective complaints letter:

Your complaint should be clear and concise to avoid ambiguity.

The Complaint letter (petition) should contain amongst other things the following:
Name, Address, Contact Phone Number & E-mail of the Complainant;
Name of your Financial Institution;
Personal banking details (Do NOT include PIN & Passwords, please
History/Date of the transaction in dispute;
Amount claimed (if any);
Attach relevant documents to support you claim and;
Evidence to show that you have first lodged the complaint at your bank.



The CBN deals with all financial related complaints so far as it is against Financial Institutions within its regulatory purview.