Tired Of First Bank Issues? Here Is How To Report First Bank To CBN

GoldenNewsNg has obtained how First Bank customers who are tired of First Bank issues can report First Bank to CBN over excess charges, unapproved debts, account freezes, and other bank account-related issues with their banks.

This online news platform understands that bank customers may become frustrated and enraged if their bank account difficulties are not resolved quickly given the harsh economic realities of rising food prices combined with mounting economic despair in Nigeria.

GoldenNewsNg however, reports that the Central Bank of Nigeria (CBN), has recommended that bank customers exercise patience with their bank, but if all options have been exhausted while trying to resolve problems with the bank, the apex bank has listed a few steps to take to draw the attention of the CBN to the matter.

What you should know about the Nigerian banking industry:

  • The Nigerian banking sector is one of the most closely regulated sectors in the country because it plays such an important part in the country’s economic growth.
  • The Central Bank of Nigeria (CBN), as Nigeria’s apex bank and principal regulator of the banking sector, has undertaken a number of reforms and policies over the years to ensure that the Nigerian banking sector stays stable and capable of generating economic efficiency and promoting trust with the public.
  • The main legislation that establishes the regulatory framework for banking activity in Nigeria is BOFIA 2020. It establishes the CBN’s regulatory and supervisory authority over Nigerian banks, including the granting and revocation of banking licenses, the establishment, and closure of bank branches, bank restructuring, and reorganization.

How to lodge a complaint with the CBN: How to report First Bank to CBN

GoldenNewsNg  reports that the CBN advises customers to give deposit money to banks for at least two weeks to resolve any issues. Hence, if the problem hasn’t been resolved in two weeks, then they have a solid footing to progress.

“If after lodging your complaint your Bank still fails to engage you and resolve the complaint within 2 Weeks as provided for in the ATM HELP DESK Circular, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN.

“You can only direct your Complaints to CPD upon the failure of your Bank/Financial Institution to resolve your complaint within the 2 weeks timeline given by the CBN,” the apex bank said.

The apex financial regulator said bank customers can contact the CPD by sending an email to
[email protected], [email protected], or call +234 7002255226.

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