The Bank of Ghana (BOG) in the first half of 2021 facilitated the payment of about GHC 2.14 million to customers who filed complainants with the central bank.
A breakdown of the amount shows that a total of ¢396,000, £20,414.37, and $250,000.00 were paid by some regulated institutions as compensation or refunds to customers with issues that have merits based on the BOG market conduct rules for its regulated entities.
This is captured in a Report on Complaints Management Function released by the Financial Stability Department of the BOG.
In all, a total of 321 complaints were received directly from customers of banks, non-deposit-taking financial institutions and Specialised deposit-taking institutions (SDI), which include savings and loans companies, finance houses, rural and community banks, and microfinance companies.
The report said the complaints were made either through phone calls, emails, social media posts, WhatsApp, and walk-ins and related to unfair banking practices such as illegitimate charges and unauthorised debit of accounts.
Others were related to disagreements over the computation of interest and extension of loan tenors; disputes and delays relating to updates of credit reports; inability to access matured investments; Automated Teller Machine (ATM) and money transfer related issues as well as mortgage issues.
Complaints within the first half of the year have seen a 27. 87 percent drop compared to 445 complaints recorded in 2020.
“The decline is largely attributable to the increased awareness of the general public to seek redress from the respective financial institution as a first level in the complaints resolution process,” the report said.
It also showed a decline in its resolution rate compared to the same period 2020, attributable to locked-up funds with distressed SDIs, the requirement of more documentation to facilitate determination and “complexity of the complaints and the availability of complainants for mediation processes”.
“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 per cent.”
Latest Stories
-
19 steps for getting over even the most devastating breakup fast
1 hour -
8th Ghana CEO Summit launched with focus on AI transformation, economic diversification
1 hour -
Prof Opoku-Agyemang has not been given a fair appraisal – Ablakwa
2 hours -
Rainstorm wreaks havoc in Keta and Anloga districts, residents count their losses
2 hours -
Global Plastics Treaty negotiations begin in Ottawa as countries converge on phasing out problematic plastic uses
2 hours -
Support energy alternatives adoption to sustain businesses – GUTA tells government
2 hours -
11th DRIF opens in Accra with a call on governments to focus on digital inclusion
2 hours -
Stakeholders outline plans at RE4C Coalition’s General Assembly in Accra
2 hours -
Women Need ‘shock observers’ for active political participation – Ex-Bauchi Assembly Member
2 hours -
2024 polls: Stop fighting over positions in Mahama’s next government – Asiedu Nketiah
2 hours -
Although people may not always listen to the lyrics, there’s still a market for rap in Ghana – E.L.
2 hours -
Passengers appeal to transport operators to officially announce new fares
2 hours -
Damongo: About 400 NPP Members resign over Minister’s alleged meddling in chieftaincy affairs
3 hours -
Next NDC government will pay special attention to women – Naana Opoku-Agyemang
3 hours -
Amerado is singing and it’s good he’s doing that – Lyrical Joe
3 hours