Following recent challenges in ensuring timely resolution of complaints from consumers of financial services against financial institutions under its regulatory purview, the Central Bank of Nigeria (CBN) has fixed a time limit of six years, effective within which complaints against financial institutions can be lodged.
The CBN stated this in a circular posted on its website yesterday. It stressed that its consumer protection role had over the years been hampered by “non-availability of, or delays in receiving documentary evidences from both parties.” This it stressed underscored the need to have a policy on “time bar” for complaints management in the financial services industry.
“Consequently, the CBN having consulted the relevant stakeholders in the financial services industry, and in line with provisions of limitation legislation; Money Laundering (Prohibition) Act 2013; and CBN Anti-Money Laundering and Counter Financing of Terrorism Regulation for Banks and Other Financial Institutions in Nigeria, 2013, hereby adopts a time limit of six years, effective from the date of the transaction, within which complaints against financial institutions shall be lodged,” it added.
However, it stated that the time limitation would not apply to fraud cases; complaints already lodged with the financial institutions and CBN; and international electronic payment transactions whose records are not retained beyond 180 days on the dispute resolution application (arbiter). It pointed out that the latest circular supersedes the earlier circular dated February 16, 2015, on the subject matter. – Thisday.
