BoG to go after financial institutions that fail to address customers’ complaints

The Bank of Ghana says it will go after financial institutions that fail to address all forms of complaints and reported irregularities by customers.

The Central Bank therefore wants financial institutions to strengthen their customer complaint system and expand it to underserved communities.

Speaking at a Workshop for Consumer Reporting Officers of commercial banks, the Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, said the bank will continue to collaborate with all stakeholders in that regard.

She urged these financial institutions to be diligent in their line of duty.

“The Bank of Ghana as part of its financial inclusion agenda will continue to guarantee the satisfaction of consumers of financial products and services. You need to try to reach out to underserved communities to expand the financial inclusion agenda”, she stated

Head of Financial Stability Department at the Bank of Ghana, Dr. Joseph France said the bank will continue to collaborate with financial institutions to address customer complaints.

“We will continue to engage banks and other financial institutions on improving customer experience”.

“There will be some punitive measures for some institutions which fail to engage these customers on their issues”, he mentioned.