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

Tired of Kuda Issues ? How to report Kuda Bank to CBN can be accessed below.

Truetells Nigeria has obtained how Kuda Bank customers who are tired of Kuda Bank issues can report Kuda 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.

TrueTells Nigeria, 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 Union Bank to CBN

TrueTells Nigeria 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 cpd@cbn.gov.ng, contactcbn@cbn.gov.ng, or call +234 7002255226.

Customers can lodge a complaint directly on the CBN website via this link. Customers can also write a letter to the director of the Consumer Protection Department in Abuja’s Central Business District.

“Your letter of Complaint should be addressed 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 of nationwide,” the CBN added.

“Your complaint should be clear and concise to avoid ambiguity. The Complaint letter (petition) should contain amongst other things the following: 

Name, Address, Contact Phone Number & E-mail of the Complainant;
Name of your Financial Institution;
Personal banking details (Do NOT include PIN & Passwords, please;)
History/Date of the transaction in dispute;
Amount claimed (if any);
Attach relevant documents to support your claim and;
Evidence to show that you have first lodged the complaint at your bank.

Meanwhile, TrueTells Nigeria reports that bank customers can make further inquiries and obtain additional information on the Complaints Handling Process of the Central Bank of Nigeria from the Complaints Unit of your Bank/Financial Institution or from CBN offices nationwide.

Kuda, also known as Kuda Bank and formerly as Kudi Money, is a London-based start-up and digital-only bank operating in Nigeria since 2017. It was renamed Kuda Bank in 2019. It was founded by Babs Ogundeyi and Musty Mustapha.

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