Customer Complaints In The Financial Sector In Ghana Drops

The Bank of Ghana says it received a total of 321complains directly from customers of banks, Specialized Deposit-Taking Institutions, and non-deposit taking monetary institutions in the first half of 2021, contrasted and 445 complaints recorded for a similar period in 2020, its 2021 Half-Year Complaints Management Report indicates.

As per the BoG, this is a 27.87% decrease in customer complains of banks and other financial institutions.

Out of the complete number of Complaints received from customers, 199 complaints were settled within the necessary courses of events, representing a goal rate of 61.99%. This represented a decrease of 20.7% contrasted and 368 grievances settled in a similar time of 2020.

The decay was because of the intricacy of the complains and the accessibility of complainants for mediation processes. A few unsettled grievances also connected with locked up funds with bothered SDIs.

For banks alone, the Bank of Ghana received a total number of 144 grievances, out of which 131 were settled and 13 unsettled. In similar time of 2020, 249 complaints were received out of which 241 were settled and 8 unsettled.

Complaints resolved during the period under review were related mainly to loan transactions including wrong computation of interest rates, wrongful application of penal charges, early loan repayment charges, and credit histories held by licensed credit bureaux. Others included unauthorised and unexplained debits on accounts and charge-back arising from unsuccessful ATM transactions.

The unresolved complaints in the period were due mainly to the complex nature of the complaints which required more documentation to facilitate their determination. Additionally, some of the cases were received in the month of June 2021 and the resolution processes were on-going as at the end of the reporting period.

Generally, the decline in the customer complaints, the Central Bank, largely attributed to the increased awareness of the general public to seek redress from the respective financial institution as a first level in the complaints resolution process.

The report said the Bank of Ghana observed that during the review period, financial service providers resolved most of their customer complaints, hence the decline in the number of complaints escalated to the Central Bank.

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