Customer complaints to BoG increase by 15% in 2022

The Bank of Ghana (BoG) has reported a significant rise in customer complaints received in 2022, reaching a total of 983 cases. This marks a 15% increase compared to the previous year. The surge in complaints can be attributed to the growing awareness among the general public and their confidence in the BoG’s supervisory authority to effectively address and resolve grievances.

Among the total complaints received, 64% (626 cases) were successfully resolved, while 36% (357 cases) remained unresolved. Although the resolution rate experienced a slight decline compared to 2021, it is noteworthy that a majority of Financial Service Providers (FSPs) were able to resolve complaints internally through their own Internal Dispute Resolution (IDR) processes. Only complex complaints were escalated to the BoG for further adjudication.

Analyzing the data further, it is evident that complaints against Banks, Savings & Loans, Rural & Community Banks, and Unlicensed Institutions saw a marginal increase in 2022 compared to the same period in 2021. However, Finance Houses and Microfinance Institutions witnessed a decrease in customer complaints during the same timeframe.

Interestingly, the preferred channel for lodging complaints was email, accounting for 52% (509 cases) of the total reported complaints in 2022. The second most popular channel was post, constituting 25% (248 cases), followed by walk-in interactions at 18% (173 cases). A smaller percentage of complaints, 4% (41 cases), were received via phone calls, and only 1% (12 cases) were submitted through WhatsApp.

It is worth noting that the Bank of Ghana also handled 28 complaints against investment companies and other institutions not regulated by the central bank. In such cases, the BoG promptly referred the complaints to the appropriate regulators and institutions for their intervention and resolution.

The increasing number of customer complaints, coupled with the efforts to address and resolve them, demonstrates the Bank of Ghana’s commitment to ensuring fair and transparent financial services in the country. The rise in awareness among the public and their trust in the BoG’s supervisory authority bodes well for the overall accountability and consumer protection within the financial sector. The central bank will continue to play a pivotal role in safeguarding the interests of customers and maintaining the integrity of Ghana’s financial system.

Source: Norvanreports