Business & Economy

Zenith, Kuda, GT Bank Issues: Here Is How To Report Your Bank To CBN

Published

3 years ago

Apr 27, 2022.

Abdulsalam Abdullah Opeyemi

If you’re finally tired of Zenith Bank, Kuda Bank, GTB and other Nigerian banks’ issues, below is how to report your bank to CBN
…See What you should know, how to lodge a complaint with the CBN

EDITOR’S PICK

EKO HOT BLOG reports that many Nigerian banks, including Zenith Bank, Kuda Bank, and GTB, as well as other consumers, frequently lament the difficulty and stress they usually face when attempting to resolve bank account-related issues with their banks.

From overdraft fees to unapproved debits to account freezes, angry customers descend on the bank on a daily basis in an attempt to resolve these and other issues.

Given the harsh economic realities of rising food prices and mounting economic despair, it’s understandable that customers may become frustrated and enraged if their bank account problems are not resolved promptly.

It is recommended that you be patient with your bank, but if all other options have been exhausted while attempting to resolve issues with your bank, here is how to report your bank to CBN and bring the apex bank’s attention to the matter.

What you need to know

Because of its importance to the country’s economic growth, the Nigerian banking sector is one of the most strictly regulated in the country.

As Nigeria’s apex bank and the primary regulator of the banking sector, the Central Bank of Nigeria (CBN) has implemented a number of reforms and policies over the years to ensure that the Nigerian banking sector remains stable and capable of generating economic efficiency and promoting public trust.

BOFIA 2020 is the main piece of legislation that establishes the regulatory framework for banking activity in Nigeria.

It establishes the Central Bank of Nigeria’s regulatory and supervisory authority over Nigerian banks, including the granting and revocation of banking licenses, the establishment and closure of bank branches, and the restructuring and reorganization of banks.

How to File a Complaint with the Central Bank of Nigeria

Customers are advised by the CBN to give deposit money banks at least two weeks to resolve any issues. As a result, if the problem hasn’t been resolved in two weeks, they’ll be on solid ground to move forward.

FURTHER READING

If, after lodging your complaint, your bank still fails to engage you and resolve your complaint within the two weeks specified in the ATM HELP DESK Circular, you have the right to escalate your complaint to the CBN’s Consumer Protection Department (CPD).

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