CBN Fines Access Bank N12m for Employment Without Approval, Delaying Customer

Central Bank of Nigeria (CBN) imposed an N12m fine on Access Bank Plc for infringement on employment rules and customer delay.

This was disclosed in the bank’s third-quarter interim financial statement.

During the period, Access Bank was fined by the CBN for contravention of the Banks and Financial Institutions Act of Nigeria (BOFIA) and the CBN circulars.

The bank was first fined the sum of N10m regarding the employment of prospective employees without CBN approval on 20 Mar 2023.

On March 30, 2023, the bank was again fined the sum of N2m as a penalty for ‘delayed customer’ contrary to CBN’s directive.

The apex bank has a strict policy on consumer protection which is enforced through a Consumer Protection Framework.

The regulation seeks to provide minimum standards required of financial institutions on fair treatment of consumers, complaints handling and redress to protect the rights of consumers.

Based on the apex bank rules, non-resolution of complaints within prescribed timelines would attract a penalty of N500,000 per complaint per week while the infraction subsists.

Also, non-acknowledgement of complaints from customers or non-issuance of tracking numbers has a fine of N2m per complaint while non-response to request or failure to comply with CBN directives attracts a penalty of N2m.

Credit: The Whisther