How to Report a Financial Institution in Nigeria

As a customer of any financial institution, you might experience some challenges from time to time. The financial institution must look into your complaints and try to resolve it as soon as possible.

In a situation where they do not or they are the ones that unfairly induce the challenges you’re having, you can report the institution to the Central Bank of Nigeria (CBN). In this article, I’ll be showing you how that can be done.

How to report your financial institution to the CBN
Before you can report your financial institution to the apex bank, you first need to give them time to respond. According to CBN’s consumer protection department, you can place a complaint only if your financial institution fails to reply within two weeks (14 days).

After that, you can report by sending a letter to the CPD or via email. For email, send your complaints to;
[email protected]
For letters, send your complaints to;
Consumer Protection Department, Central Business District, Abuja
The letter should be addressed to the CPD director. You can submit it at the CBN’s head office in Abuja or CBN branches in any state.

To ensure that your complaint is well looked into, you have to properly structure your letter/email and provide all the necessary information that’ll be needed.

How to place a good complaint
The CPD advises that your letter/email be kept simple, clear, concise, and void of ambiguity. You should supply the following information;
Your name, address, contact phone number, and email address
The name of your financial institution
Your details with the financial institution. For example, if it’s a bank, your account name, account number, account type, etc
The date and history of your dispute. If it’s a transaction problem; the date of the transactions, time, location, etc.
Attached all relevant documents that can serve as evidence

Alternative method
Reporting your financial institution to the Central Bank CPD department is the best way to get your matter treated. However, there’s an alternative you can also try. You can report your financial institution to the FCCPC – Federal Competition and Consumer Protection Commission.

This is a commission established in 1992 and is licensed under the Federal Ministry of Industry, Trade, and Investment (FMITI). You can lay complaints to them that involve products and services.

You can log your complaint on the website by filling a complaint form. However, you’re required to create an account before you can proceed. Email and phone are also available channels for lodging your complaints.

Furthermore, the FCCPC has mobile apps for Android and iOS devices that you can use to easily lay your complaints.

If you have any problems with your financial institution and they’re not responding as they should, you can report them to the CBN for a better solution.

It isn’t a very difficult process, simply draft your complaints with all the necessary information and submit it via email or at the CBN branch closest to you.