Financial institutions

BoG received 857 customer complaints from financial institutions in 2021

The Bank of Ghana (BoG) received a total of 857 customer complaints from Regulated Financial Institutions (RFIs) in 2021.

This is against 876 complaints registered in 2020.

The 2.17% drop in the total number of complaints filed can be attributed to the strict application of first-level complaint handling by financial institutions.

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

However, 65% of the total registered complaints were resolved, compared to 79% of resolutions in 2020.

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

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

The drop in the resolution rate, according to the Central Bank, can be attributed to the complicated nature of the complaints which require more documentation and time to resolve.

Typically, complaints filed against banks were due to unfair banking practices regarding loans, remittances, ATMs and credit reporting issues.