CBN, Banks Resolved N61.9bn Failed Transactions In Six Months

Banks’ effort to resolve customer claims improved during the first six months of the year, as service claims fell to N61.96bn, from the N128.26bn recorded in the first half of 2020, a report from the Central Bank of Nigeria has said.

Nigeria’s apex bank said in the recently released half year economic report that service claims fell to N4.5bn and $151,6m (N57,46bn) in the first six months of 2020.

Banks and financial institutions recorded N8.7bn and $315.47m (N119.6bn) in the first six months of last year, but the apex bank hinged the improvement on banks adherence to its policies.

Banks refunded the affected customers the sums of N2.67bn and $144,176.68 in the first six months of the year.

Amarachi Okorie who banks with Guarantee Trust Bank Plc told THE WHISTLER that compared to last year, her failed transfer to client was immediately resolved after she spoke with the bank’s customer service.

“The response was faster, I complained on a Monday, the Customer Care Representative promised to revert my transfer within 24 hours and I got the revert alert exactly 24 hours,” said the 24- year old Okorie.

Nigeria’s apex bank said it has concluded arrangements to commence the development of a Consumer Protection Risk-Based Supervision Framework in the second half of 2020.

In response to the development, Nigeria’s first-tire bank, Access Bank PLC in a mailed response to THE WHISTLER said that the bank was able to achieve quick customer complaints resolution through “robotic process.”

The Head, Media Relations, Access Bank Plc, Abdul Imoyo, said, “Early this year, Access bank, who chairs the payment system and infrastructure transformation workstream of the Bankers’ Committee, collaborated with other leading banks to change the industry-wide Service Level Agreement for dispute management. This brought significant customer benefits with 24-48 hour service levels for refunds at ATMs and POS respectively.

“Always holding itself to a higher standard, the bank took additional measures to further improve service levels with the vast majority of failed ATM and Instant Payment transactions now reversed instantly. This was made possible through robotic processes where the bank is an innovation leader.

“While failed transactions still happen, and some reversals cannot be automated due to failure of third parties, the bank has taken additional measures to add new leading payment partners and use technology to speed up getting refunds to customers,”

The CBN said it received 2,051 complaints from consumers of financial services providers in the first half of 2020.

The apex bank noted that 1,167, representing 56.9 per cent were complaints on electronic/card, while 125, which represents 6.1 per cent were on excess charges.

Other complaints were on frauds, dishonoured guarantees and unauthorised deductions and transfers.

A total of 1,519 complaints, including those outstanding from 2019, were resolved in the review period. This is against the 1,548 complaints resolved in the first six months of last year.