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Business News of Monday, 17 January 2022

Source: www.ghanaweb.com

Customer complaints to BoG declines in first six months of 2021 – Report

The Bank of Ghana Headquaters The Bank of Ghana Headquaters

Customer complaints to BoG decline in first half of 2021

368 complaints resolved from January to June 2020, BoG

144 complaints received against banks in 2021, Report


A total of 321 complaints were made directly from customers of banks and other financial institutions in the first six months of 2021 covering January to June, the Bank of Ghana has revealed.

According to the central bank’s report 2021, ‘Report on Complaints Management Function’, the complaints represent a 27.87 percent decline compared with that of 455 complaints recorded in the same period of 2020.

The BoG explained this decline is due to increased awareness on the part of the general public who seek redress from their various financial institutions.

“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 Bank. Out of the total number of complaints received from customers, 199 complaints were resolved within the required timelines representing a resolution rate of 61.99%.”

The central bank said this represented a decline of 20.7% compared with 368 complaints resolved in the same period of 2020.

“The decline was as a result of the complexity of the complaints and the availability of complainants for mediation processes. Some unresolved complaints also related to locked-up funds with distressed SDIs.”

It further explained that 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 bureau.

Others include unauthorised and unexplained debits on accounts and charge-back arising from unsuccessful ATM transactions.

Meanwhile, from January to June 2021, the Bank of Ghana said it received a total of 144 complaints against banks, out of which 131 were resolved and 13 unresolved.

See the full report below:

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