The Central Bank of Nigeria (CBN) has in recent time experienced increasing challenge in ensuring the timely resolution of complaints from consumers of financial services against financial institutions under its purview, due to non-availability or delay in receiving documentary evidence from both parties. The situation has underscored the need for a time bar policy for complaints management in the financial services industry. Consequently, after due consultation with relevant stakeholders the CBN introduces a time limit of six (6) years for the resolution of consumer complaints effective from the date of transaction with certain limitations.
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