Cbn sanctions banks over delay in customers inquiries

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CBN Sanctions Banks Over Delay in Customers' Inquiries

The Central Bank of Nigeria (CBN) has imposed sanctions on several commercial banks in the country for failing to respond promptly to customers' inquiries and complaints.

According to a statement issued by the CBN, the sanctions were imposed after a thorough investigation revealed that some banks had consistently delayed or failed to respond to customers' inquiries and complaints, thereby causing inconvenience and financial losses to the affected individuals.

The CBN said that the sanctions were part of its efforts to ensure that banks provide excellent customer service and maintain high standards of professionalism in their dealings with customers.

The affected banks were identified as First Bank of Nigeria, United Bank for Africa (UBA), Zenith Bank, Access Bank, and Guaranty Trust Bank (GTB). The CBN said that the sanctions would include fines, suspension of operations, and revocation of licenses.

The CBN also warned that it would not hesitate to take further action against any bank that fails to comply with its regulations and guidelines.

In a related development, the CBN has also introduced a new framework for customer complaints and inquiries, which requires banks to respond to customers' complaints within 48 hours and resolve them within 72 hours.

The framework also requires banks to maintain a customer complaints register and provide regular updates to customers on the status of their complaints.

The CBN said that the new framework was designed to promote transparency, accountability, and customer satisfaction in the banking industry.

The sanctions and the new framework are seen as a major step towards improving customer service in the banking industry and promoting a culture of accountability and transparency among banks.

Source: [Insert source of the article, e.g. CBN website, news agency, etc.]