1. MAKING COMPLAINTS AND GETTING SATISFACTORY ANSWERS – A PAPER PRESENTED BY ALEX C. ANAMEJE, HCIB AT A FINANCIAL LITERACY PUBLIC ENLIGHTENMENT PROGRAMME ORGANISED BY NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC) IN COLLABORATION WITH BANK CUSTOMERS ASSOCIATION OF NIGERIA. NOVEMBER 18, 2015

2. INTRODUCTION The banking sector occupies a strategic position in the economy as it is the custodian of what may be described as the lubricant to business growth, i.e. money. Generally, investors in the banking sector are business people who are driven by profit motive. There are therefore higher chances that certain human excesses may becloud the sense of consideration of the operators in their bid to meet their targets.

3. INTRODUCTION The Government understands this so well and that informs the establishment of some institutions to address possible abuses so as to safeguard the hapless depositors. These institutions include, the Central Bank of Nigeria (CBN); Nigeria Deposit Insurance Corporation (NDIC); the Consumer Protection Commission (CPC) among others. There are also self-regulatory institutions and associations such as the Chartered Institute of Bankers of Nigeria (CIBN), Bank Customers Association of Nigeria and various rights groups who insist on having the right things done always and who also work towards the protection of the consumers.

4. PRESERVING THE CONSUMERS’ RIGHTS The consumers of financial services are raison d’etre for the existence of banks and therefore have some rights. Banks, on the other hand, have a duty to preserve these rights. In like manner the consumer has a duty to know his rights and the limits of such rights and to insist on his rights always. The Guide to Banks Charges provides a benchmark for certain bank charges to ensure that consumers are not unduly exploited. The financial services consumer should acquaint himself with the Guide to enable him checkmate some bank excess charges.

5. SOME RIGHTS OF THE CONSUMER Among the rights of the financial services consumer include: Right to satisfaction Right to information Right to choice Right to complaint Right to Redress Right to consumer representation Right to respect Once any of these rights are trampled upon, the consumer can complain.

6. CHANNELS OF COMPLAINTS The first port of call in laying ones complaint is the customer relations desk of the bank. Where one could not get satisfaction from the desk, he should ask for the Operations Manager or the Bank Manager to complain. If satisfaction is still far-fetched, one should formalise the complaint by writing the bank and ensuring that the letter is acknowledged in the duplicate copy. If after two weeks, one could not get any satisfactory response, then he can escalate it.

7. ESCALATION OF COMPLAINTS Complaints can be escalated to any of the following institutions for handling:  The Ethics and Professionalism Sub-Committee of the Bankers Committee. This Sub-Committee has been in existence since 2002 and has handled many bank –customer disputes with millions of Naira unwarranted charges refunded with interests to customers. Disputes here are professionally treated according to how they come. The complainant should carefully articulate his grievances and address to:

8. ESCALATION OF COMPLAINTS Ethics and Professionalism Unit, c/o The Registrar/Chief Executive, The Chartered Institute of Bankers of Nigeria, PC 19, Adeola Hopewell Street, Victoria Island. The Bank will be written to react to the complaint and thereafter, the two parties will be brought together to iron out the issues in contest. Usually, when the Sub-Committee decides on any matter, all excess charges will be refunded to the customer with interest.

9. ESCALATION OF COMPLAINTS  ii) Bank Customers Association of Nigeria BCAN exists primarily to foster good banking relationship between banks and their customers. It particularly takes interest in protecting its members when they are being oppressed by banks. When cases are reported to BCAN, it first engages the bank concerned and where satisfactory response is not got, it will escalate the matter to any of the higher options.

10. ESCALATION OF COMPLAINTS  iii)The Consumer Protection Department of CBN The Department was specifically set up to handle consumer complaints. The Department has indeed recovered enormous amount of money for consumers that had recourse to it. Consumers who desire to use the platform of the CBN to address their complaints should escalate their complaints after two weeks of formally writing their banks without getting satisfactory response.

11. ESCALATION OF COMPLAINTS The Consumer Protection Department after critically looking at the issues raised in the complaint will refer to the bank for its own side of the story. Decision will be taken after due consideration of the issues presented by the two sides and where the pendulum tilts in favour of the consumer, the bank will be directed the refund the amount involved.

12. ESCALATION OF COMPLAINTS  iv) The Consumer Protection Commission This is another complaint channel established statutorily. When every effort to resolve an issue with ones bank fails, one can escalate the matter to the Consumer Protection Commission for resolution. One should articulate his complaints and forward to the nearest office of the CPC. Get acknowledgement

13. ESCALATION OF COMPLAINTS CPC the evaluates the complaints and demands from the bank its own side of the story. Every due process will be applied to resolve the matter to the satisfaction of both sides. Where any party is not satisfied, an arbitration panel will be involved to handle the matter. It is important that the consumer understands his rights and responsibilities and ensure that he has a case before moving further.

14. ESCALATION OF COMPLAINTS  v) The Court of Law. Where all efforts to get resolution fail, the next option is to go to court. This will be quite expensive in terms of time and money. One needs to be doubly convinced that he has a good case before going to court to avoid wasting money and time.

15. CONCLUSION The relationship between the customer and his bank is supposed to be symbiotic but often, out of greed, such relationship sometimes gets sour. Consumers should always try to get their complaints resolved at the level of customer relationship desk to save time and money. There is also the need to educate oneself properly on what and what are ones rights and privileges. Consumers should always ask questions when they are in doubt.

16. CONCLUSION The banks need you as much as you need them and where everybody plays to the rules, there will be no need for complaints. I thank you for your attention.