CBN Rolls Out New Service Charter for Enhanced Service Delivery
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has undertaken a comprehensive review of its Service Charter to provide better customer service and facilitate ease of doing business in Nigeria.
This move, the apex bank said is in compliance with the Business Facilitation Act (BFA) 2022 and aligns with the directives of SERVICOM Nigeria.
The CBN Governor Olayemi Cardoso, in approving the Service Charter, emphasized the Bank’s commitment to delivering efficient, accountable, and transparent governance that is responsive and citizen-friendly.
The newly revised service document outlines a comprehensive list of services offered by the Bank and their respective service standards. The Service Charter also includes a standardized Customer Complaints Form to report service failures and a mechanism to address such issues.
Important highlights of the reviewed Service Charter include:
Banking Supervision: The Bank will approve appointments of Directors and Management staff of banks within 10 working days upon receiving complete documentation from the requesting Financial Institution (FI). The review of employment of staff by DMBs will be completed within 5 working days, and the bank will appraise requests for the increase in capital of Financial Institutions within 10 working days.
Corporate Communications: The Bank commits to responding to calls, inquiries, and complaints via the Contact Centre within 2 minutes. Additionally, it will provide clarification on CBN policies and programs to the media and the general public on a daily basis. The Bank will also actively engage with inquiries and complaints from the public or First-Tier Agents.
Financial Markets: The Bank pledges to provide foreign exchange rates reports to external stakeholders, including MDAs, Nigerian Customs authority, and oil companies, within 1 working day. It also ensures data provision to EFCC/DSS on periodic investigations as requested within 3 working days. Furthermore, upon request by custodians, the Bank aims to issue certificates for participation in Custodial services in money markets and other fixed income securities within 5 working days.
Governors: The Bank will prepare and submit monthly reports on the implementation of Executive Orders to the Presidential Enabling Business Environment Council (PEBEC) on or before the 10th of every month. It commits to responding to complaints from the public on service failure within 7 working days, providing complete information. Likewise, it will respond to complaints from the public on ethical matters within 7 working days, ensuring complete information is provided. The Bank also commits to responding to requests for information on AML/CFT/CPF from Correspondent Banks within 7 working days, providing complete information.
Monetary Policy: The Bank will provide bi-annual reports such as the Monetary Policy Review, making them ready for publication within 8 weeks of the end of the half-year reviewed. Additionally, the Bank commits to responding to inquiries by international, regional, and non-regional institutions within 2 working days. It also pledges to communicate monetary policy decisions to Trade Organizations, Embassies, Non-Governmental Organizations (NGO), and the Ministry of Foreign Affairs within 1 working day.
Risk Management: The Bank will process requests for delisting of bank customers’ BVN from the BVN watch-list within 3 working days. It will communicate decisions on delisting of BVN to DMBs and/or NIBSS within 1 working day, and respond to inquiries from the General Public, National Assembly (NASS), and other agencies within 3 working days.
In addition to the reviewed Service Charter, the Bank has developed the Code of Business Ethics and Compliance (COBEC), Conflict of Interest Policy (COI), and Whistle Blowing Policy to guide employee engagements and ensure excellent service delivery.
As part of its commitment to improved customer service, the Bank will operate from 8:00 a.m. to 3:00 p.m. daily (except on weekends and public holidays) and create accessible platforms for individuals with special needs. It promises to provide prompt, courteous, and efficient customer service, while maintaining professionalism and confidentiality. The Bank also promises to actively seek customer feedback and resolve grievances through its Grievance Redress Mechanism.
With the revised Service Charter, the Central Bank of Nigeria aims to enhance customer satisfaction, promote transparency, and contribute to the ease of doing business in the country.
