How to Report Unresolved Dispense Error to CBN

If you're erroneously debited by your bank, even for a small amount like ₦100, you should first report the issue to your bank through customer care or branch visits; if unresolved, escalate the complaint to the Central Bank of Nigeria (CBN) by emailing [email protected], calling 0700-2255-226, or submitting a letter to the Consumer Protection Department, providing all relevant transaction details and following up regularly.

Even if it's just #100, you don't have to let go if you're bank debit you in an error. You can't imagine people being wrongly debited in thousands of naira.

Should they let go?

And of course, you can report to your bank branch, you can call customer care and try all possible means to get the dispense error or failed transaction reverted.

What if none work out? For weeks and months, customers continue nagging about their banks debiting them in an error but never revert the money.

If that is the situation, what can you do?

Luckily, the Central Bank of Nigeria (CBN) has made provision for bank customers to lodge complaints of dispense errors or failed transaction complaints left unattended or unresolved by your bank.

If you are unable to resolve the dispense error through your bank's customer care or online channels, you can escalate the issue to the appropriate regulatory body. In Nigeria, the regulatory body for banks is the Central Bank of Nigeria (CBN).

Here are the steps to follow to escalate the issue to the CBN:

1. Contact the CBN: If you are still unable to resolve the issue with the bank, you can escalate the matter to the CBN. You can do this by contacting the CBN's Consumer Protection Department via email at [email protected] or by calling their toll-free line on 0700-CALL-CBN (0700-2255-226).
3. Your letter of Complaint can also be addressed and sent to the Director, Consumer Protection Department. You can submit your letter at the CBN Head Office OR at any of the Central Bank of Nigeria branches nationwide.
4. Provide Relevant Information: When contacting the CBN, provide all relevant information about your complaint, including your account details, the bank's name and address, the date of the transaction, and any other relevant information.
5. Follow-Up: After submitting your complaint to the CBN, follow up regularly to ensure that your complaint is being investigated and resolved. The CBN will generally respond to your complaint within a few days or weeks.

Remember that the CBN can only intervene if you have exhausted all options with your bank's complaints management desk. It's always best to try and resolve the issue with your bank before escalating it to the CBN.

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