BoG received 857 complaints from customers of financial institutions in 2021

The Bank of Ghana (BoG) received a total of 857 complaints from customers of regulated financial institutions (RFIs) in 2021.

This is against 876 complaints recorded in 2020.

The 2.17% decline in total complaints lodged may be attributed to the strict enforcement of the first level complaint handling by Financial Institutions.

This is based on the guidelines coupled with the successful resolution of most of the complaints by the financial institutions.

However, 65% of total complaints recorded were resolved, compared with 79% resolutions in the year 2020.

373 complaints were received from customers of the banks, representing 44% of total complaints received by the Bank of Ghana in the year under review.

87% of these complaints were resolved compared with the previous year’s position of 96%resolved complaints.

The decline in the resolution rate, the Central Bank, said may be attributable to the complicated nature of complaints which required more documentation and time to resolve.

Generally, complaints levelled against banks were due to unfair banking practices relating to loans, fund transfers, ATM and credit reporting issues.

Source: Myjoyonline