Banks to sign up to a customer protection code

All banks will soon sign up to a Customer Protection Code (CPC) that will compel them to indeed put customers first and not by rhetoric.

This follows Bank of Ghana’s (BoG) announcement that it will soon set up the Customer Protection Code after several calls by analysts in the industry.

If the CPC is finally launched, this could for example mean banks or any financial institution cannot mislead you about the advantages and disadvantages of any product.

Customers would essentially be able to report banks to the BoG for appropriate sanctions.

Announcing the Central Bank’s intentions, the Deputy Governor, Millison Narh reiterated how important the customer is in the industry.

“The direct way the Bank of Ghana ensures customer protection is through the investigation and customer reporting office of the banking supervision department which is a conduit for customer complaints.”

According to him, the office has recently been strengthened “to better protect the public as they engage with the banks.”

The BoG is also scheduled to introduce a customer protection code for adoption by the banking industry to enhance customer protection.

Meanwhile, some of the banks have lauded the BoG’s intended move.

The Managing Director of Bank of Africa, Kobby Andah spoke to Citi Business News on the subject when his outfit launched its first Business Centre in Accra.

"If you know your regulator, and the customer has an avenue of redress which is your regulator, you don’t have a choice. You have to deliver. If a customer reports something, there would be an investigation, you have to have merit and if it is wrong, it’s wrong; it has to be addressed,” he added.